Hyliion (NYSEAMERICAN:HYLN) Stock Price Up 6.8% – Still a Buy?

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN) shares shot up 6.8% during trading on Tuesday . The company traded as high as $4.14 and last traded at $4.11. Approximately 332,545 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 2,618,303 shares. The stock had previously closed at $3.85.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC initiated coverage on Hyliion in a research note on Wednesday, June 10th. They set a “buy” rating and a $9.00 price objective for the company. Two research 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Hyliion Stock Performance

The firm has a market capitalization of $726.69 million, a P/E ratio of -13.62 and a beta of 3.47. The stock has a fifty day moving average price of $5.34 and a two-hundred day moving average price of $3.15.

Hedge Funds Weigh In On Hyliion

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CIBC Bancorp USA Inc. acquired a new stake in shares of Hyliion in the 3rd quarter worth about $26,000. Hsbc Holdings PLC acquired a new position in Hyliion during the 1st quarter valued at about $27,000. Cubist Systematic Strategies LLC acquired a new position in Hyliion during the 1st quarter valued at about $26,000. Banco BTG Pactual S.A. bought a new position in Hyliion in the 3rd quarter worth about $37,000. Finally, Savant Capital LLC acquired a new stake in shares of Hyliion in the fourth quarter valued at approximately $37,000. 22.81% of the stock is currently owned by institutional investors and hedge funds.

Hyliion Company Profile

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.