Hyliion (NYSEAMERICAN:HYLN) Shares Up 14.2% – Should You Buy?

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN)’s share price rose 14.2% on Wednesday . The stock traded as high as $7.10 and last traded at $7.2380. Approximately 859,193 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 2,132,069 shares. The stock had previously closed at $6.34.

Analyst Ratings Changes

Separately, Needham & Company LLC initiated coverage on shares of Hyliion in a report on Wednesday. They issued a “buy” rating and a $9.00 target price for the company. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.00.

Hyliion Stock Performance

The firm’s fifty day simple moving average is $3.50 and its 200 day simple moving average is $2.51. The firm has a market cap of $1.24 billion, a P/E ratio of -23.08 and a beta of 3.43.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HYLN. Invesco Ltd. boosted its holdings in shares of Hyliion by 76.3% during the 4th quarter. Invesco Ltd. now owns 6,253,598 shares of the company’s stock valued at $11,507,000 after purchasing an additional 2,706,803 shares during the last quarter. HITE Hedge Asset Management LLC boosted its holdings in shares of Hyliion by 121.9% during the 4th quarter. HITE Hedge Asset Management LLC now owns 2,827,742 shares of the company’s stock valued at $5,203,000 after purchasing an additional 1,553,626 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Hyliion by 27.4% during the 1st quarter. Millennium Management LLC now owns 6,295,760 shares of the company’s stock valued at $8,814,000 after purchasing an additional 1,355,951 shares during the last quarter. J. Derek Lewis & Associates Inc. bought a new position in shares of Hyliion during the 4th quarter valued at about $1,586,000. Finally, Marshall Wace LLP bought a new position in shares of Hyliion during the 2nd quarter valued at about $386,000. Institutional investors own 22.81% of the company’s stock.

About Hyliion

Hyliion Holdings Corp. develops electrified powertrain solutions aimed at reducing fuel consumption and emissions for Class 8 commercial vehicles. Its flagship offerings include the Hypertruck ERX electric axle and hybrid powertrain systems that integrate battery packs with onboard natural gas generators. These modular solutions are designed to retrofit existing diesel trucks or to be incorporated by original equipment manufacturers, allowing fleets to transition toward lower-carbon operations without replacing entire fleets.

Founded in 2015 by Thomas Healy and based in Austin, Texas, Hyliion went public in 2020 via a special purpose acquisition company (SPAC) merger.