Hyliion (NYSE:HYLN) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Hyliion Holdings Corp. (NYSE:HYLN) saw unusually-strong trading volume on Friday . Approximately 1,001,340 shares were traded during mid-day trading, an increase of 3% from the previous session’s volume of 976,350 shares.The stock last traded at $3.92 and had previously closed at $3.71.

Wall Street Analysts Forecast Growth

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

Hyliion Price Performance

The stock has a market cap of $668.28 million, a P/E ratio of -10.65 and a beta of 1.91. The stock’s 50-day moving average is $2.49 and its two-hundred day moving average is $2.02.

Insider Activity

In other news, insider Govindaraj Ramasamy purchased 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average cost of $1.92 per share, for a total transaction of $57,600.00. Following the acquisition, the insider now owns 298,000 shares of the company’s stock, valued at approximately $572,160. This trade represents a 11.19 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Craig acquired 50,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $2.95 per share, with a total value of $147,500.00. Following the purchase, the director now owns 282,060 shares of the company’s stock, valued at $832,077. The trade was a 21.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 20.40% of the company’s stock.

Institutional Investors Weigh In On Hyliion

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Hyliion by 11.7% during the first quarter. Vanguard Group Inc. now owns 7,291,480 shares of the company’s stock valued at $12,833,000 after acquiring an additional 762,909 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Hyliion by 9.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 104,086 shares of the company’s stock valued at $184,000 after purchasing an additional 8,580 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Hyliion by 9.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 574,988 shares of the company’s stock worth $931,000 after buying an additional 51,794 shares in the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of Hyliion during the second quarter valued at $656,000. Finally, AQR Capital Management LLC purchased a new position in shares of Hyliion during the second quarter valued at $40,000. 22.81% of the stock is owned by hedge funds and other institutional investors.

About Hyliion