Hyliion (NYSEAMERICAN:HYLN) Stock Price Down 9.3% – Here’s What Happened

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN) shares traded down 9.3% during trading on Tuesday . The company traded as low as $6.70 and last traded at $6.6830. 1,354,615 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 2,373,329 shares. The stock had previously closed at $7.37.

Analyst Ratings Changes

Separately, Needham & Company LLC initiated coverage on Hyliion in a research note on Wednesday, June 10th. They issued a “buy” rating and a $9.00 target price on the stock. Two investment 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.com, Hyliion currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Hyliion Price Performance

The company has a market cap of $877.38 million, a P/E ratio of -16.40 and a beta of 3.43. The company’s 50-day moving average is $4.69 and its two-hundred day moving average is $2.93.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. J. Derek Lewis & Associates Inc. purchased a new stake in shares of Hyliion during the fourth quarter valued at $1,586,000. HITE Hedge Asset Management LLC increased its holdings in Hyliion by 121.9% in the 4th quarter. HITE Hedge Asset Management LLC now owns 2,827,742 shares of the company’s stock worth $5,203,000 after buying an additional 1,553,626 shares in the last quarter. Osbon Capital Management LLC purchased a new position in Hyliion in the 4th quarter worth about $51,000. Savant Capital LLC purchased a new position in Hyliion in the 4th quarter worth about $37,000. Finally, Rhumbline Advisers lifted its stake in Hyliion by 27.1% during the 3rd quarter. Rhumbline Advisers now owns 260,279 shares of the company’s stock valued at $513,000 after acquiring an additional 55,472 shares during the period. Hedge funds and other 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.