Hyliion (NYSEAMERICAN:HYLN) Stock Falls 4.9% – Here’s What Happened

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN)’s share price dropped 4.9% during mid-day trading on Tuesday. The stock traded as low as $3.61 and last traded at $3.5750. 258,864 shares changed hands during trading, a decline of 90% from the average session volume of 2,566,916 shares. The stock had previously closed at $3.76.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on HYLN. Northland Securities upgraded shares of Hyliion from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a report on Thursday, August 13th. Craig Hallum initiated coverage on Hyliion in a research note on Tuesday, September 29th. They set a “buy” rating and a $7.00 target price for the company. Four investment analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $7.75.

Hyliion Trading Down 3.6%

The stock has a market capitalization of $647.42 million, a P/E ratio of -12.08 and a beta of 3.57. The stock’s 50 day simple moving average is $3.87 and its 200 day simple moving average is $3.99.

Hyliion (NYSEAMERICAN:HYLN) last released its earnings results on Tuesday, August 11th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $4.94 million during the quarter, compared to the consensus estimate of $2.40 million. Hyliion had a negative net margin of 564.34% and a negative return on equity of 27.94%. On average, sell-side analysts expect that Hyliion Holdings Corp. will post -0.31 EPS for the current fiscal year.

Insider Activity at Hyliion

In other news, Director Vincent Cubbage purchased 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was acquired at an average cost of $3.40 per share, for a total transaction of $170,000.00. Following the completion of the purchase, the director owned 1,131,363 shares of the company’s stock, valued at approximately $3,846,634.20. This trade represents a 4.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 21.40% of the company’s stock.

Institutional Trading of Hyliion

Institutional investors and hedge funds have recently bought and sold shares of the company. J. Derek Lewis & Associates Inc. bought a new position in Hyliion during the 4th quarter worth approximately $1,586,000. Dimensional Fund Advisors LP grew its position in shares of Hyliion by 34.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 799,672 shares of the company’s stock worth $1,406,000 after acquiring an additional 203,451 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Hyliion by 48.8% in the 1st quarter. Renaissance Technologies LLC now owns 318,600 shares of the company’s stock worth $561,000 after acquiring an additional 104,500 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Hyliion in the 2nd quarter valued at approximately $425,000. Finally, Headlands Technologies LLC bought a new stake in shares of Hyliion in the 2nd quarter valued at approximately $319,000. Institutional investors and hedge funds own 22.81% of the company’s stock.

Hyliion Company Profile

Hyliion Holdings Corp. develops sustainable electricity-generation and powertrain technologies. The company’s primary technology is the KARNO generator, a fuel-agnostic system designed to convert a range of fuels into electricity while supporting lower-emission power generation. Its platform is intended for applications including distributed power, backup generation, microgrids and other stationary or mobile energy needs.

Hyliion has focused on using advanced additive manufacturing and other engineering techniques to produce efficient, flexible generator systems.