Hyliion (NYSE:HYLN) Shares Up 14.6% – Here’s Why

Posted by Mark Dietrich on Nov 18th, 2024

Shares of Hyliion Holdings Corp. (NYSE:HYLN – Get Free Report) traded up 14.6% during mid-day trading on Monday . The company traded as high as $2.92 and last traded at $2.91. 910,396 shares were traded during mid-day trading, a decline of 4% from the average session volume of 947,200 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

Several analysts have commented on HYLN shares. Northland Securities raised their price objective on shares of Hyliion from $1.50 to $2.00 and gave the stock a “market perform” rating in a report on Tuesday, August 13th. Northland Capmk upgraded Hyliion to a “hold” rating in a research note on Tuesday, October 1st.

Read Our Latest Research Report on HYLN

Hyliion Stock Performance

The stock’s 50-day moving average price is $2.39 and its two-hundred day moving average price is $1.98. The stock has a market capitalization of $486.02 million, a PE ratio of -7.41 and a beta of 1.91.

Insiders Place Their Bets

In related news, insider Govindaraj Ramasamy purchased 30,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average cost of $1.92 per share, with a total value of $57,600.00. Following the transaction, the insider now directly owns 298,000 shares in the company, valued at $572,160. This trade represents a 11.19 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 20.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Creative Planning purchased a new stake in shares of Hyliion in the third quarter worth $29,000. AQR Capital Management LLC purchased a new stake in Hyliion during the 2nd quarter valued at about $40,000. XTX Topco Ltd bought a new stake in Hyliion during the 3rd quarter valued at about $60,000. Intech Investment Management LLC purchased a new position in Hyliion in the third quarter worth about $77,000. Finally, Verition Fund Management LLC lifted its stake in shares of Hyliion by 52.9% in the third quarter. Verition Fund Management LLC now owns 33,700 shares of the company’s stock worth $84,000 after buying an additional 11,653 shares in the last quarter. Hedge funds and other institutional investors own 22.81% of the company’s stock.