Hyliion (NYSEAMERICAN:HYLN) Shares Gap Up – Here’s What Happened

Shares of Hyliion Holdings Corp. (NYSEAMERICAN:HYLN) gapped up prior to trading on Monday . The stock had previously closed at $4.42, but opened at $4.72. Hyliion shares last traded at $4.6140, with a volume of 862,613 shares traded.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC started coverage on shares of Hyliion in a research note on Wednesday, June 10th. They set a “buy” rating and a $9.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Hyliion currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.00.

Hyliion Stock Up 9.2%

The stock has a market capitalization of $860.80 million, a P/E ratio of -16.05 and a beta of 3.41. The company has a fifty day moving average price of $4.80 and a 200-day moving average price of $2.96.

Institutional Trading of Hyliion

A number of large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its holdings in shares of Hyliion by 48.8% during 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. Cetera Investment Advisers grew its holdings in shares of Hyliion by 28.3% in the first quarter. Cetera Investment Advisers now owns 94,957 shares of the company’s stock valued at $167,000 after purchasing an additional 20,956 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Hyliion by 34.1% in the first quarter. Dimensional Fund Advisors LP now owns 799,672 shares of the company’s stock worth $1,406,000 after purchasing an additional 203,451 shares during the last quarter. Angeles Wealth Management LLC bought a new stake in Hyliion in the first quarter worth $44,000. Finally, Hsbc Holdings PLC purchased a new stake in Hyliion during the first quarter valued at $27,000. Institutional investors own 22.81% of the company’s stock.

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.