Hyliion (NYSE:HYLN) Trading Up 4.3% – Here’s What Happened

Hyliion Holdings Corp. (NYSE:HYLN) shares were up 4.3% on Wednesday . The company traded as high as $2.24 and last traded at $2.16. Approximately 1,250,371 shares changed hands during trading, an increase of 29% from the average daily volume of 966,121 shares. The stock had previously closed at $2.07.

Analysts Set New Price Targets

HYLN has been the topic of a number of recent research reports. Johnson Rice began coverage on shares of Hyliion in a research note on Tuesday, October 21st. They issued a “buy” rating and a $5.00 price objective on the stock. Wall Street Zen upgraded Hyliion from a “sell” rating to a “hold” rating in a research report on Sunday, December 28th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Hyliion currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.00.

Hyliion Stock Up 4.3%

The company’s fifty day simple moving average is $1.90 and its two-hundred day simple moving average is $1.87. The company has a market capitalization of $380.10 million, a price-to-earnings ratio of -5.84 and a beta of 2.55.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HYLN. Cubist Systematic Strategies LLC bought a new stake in shares of Hyliion in the first quarter worth about $26,000. AQR Capital Management LLC grew its position in shares of Hyliion by 15.1% in the 1st quarter. AQR Capital Management LLC now owns 76,957 shares of the company’s stock valued at $108,000 after purchasing an additional 10,076 shares during the period. Millennium Management LLC increased its stake in Hyliion by 27.4% during the 1st quarter. Millennium Management LLC now owns 6,295,760 shares of the company’s stock worth $8,814,000 after purchasing an additional 1,355,951 shares in the last quarter. Jane Street Group LLC raised its holdings in Hyliion by 941.8% during the 1st quarter. Jane Street Group LLC now owns 114,997 shares of the company’s stock worth $161,000 after buying an additional 103,959 shares during the period. Finally, Acadian Asset Management LLC bought a new position in Hyliion in the first quarter valued at approximately $214,000. 22.81% of the stock is 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.