Hyliion (NYSEAMERICAN:HYLN) Trading 6.8% Higher – Should You Buy?

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

Wall Street Analyst Weigh In

Separately, Needham & Company LLC initiated coverage on shares of Hyliion in a report on Wednesday, June 10th. They set a “buy” rating and a $9.00 price target on the stock. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Hyliion Stock Performance

The company has a market cap of $704.40 million, a price-to-earnings ratio of -13.17 and a beta of 3.47. The company has a fifty day moving average of $5.41 and a two-hundred day moving average of $3.18.

Institutional Trading of Hyliion

A number of hedge funds have recently made changes to their positions in HYLN. Deutsche Bank AG increased its position in Hyliion by 3.2% in the 4th quarter. Deutsche Bank AG now owns 187,016 shares of the company’s stock valued at $344,000 after acquiring an additional 5,873 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Hyliion by 10.9% during the second quarter. JPMorgan Chase & Co. now owns 76,835 shares of the company’s stock worth $101,000 after purchasing an additional 7,574 shares during the period. Alliancebernstein L.P. grew its stake in shares of Hyliion by 7.0% in the third quarter. Alliancebernstein L.P. now owns 152,020 shares of the company’s stock worth $299,000 after purchasing an additional 10,000 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Hyliion by 15.1% in the first quarter. AQR Capital Management LLC now owns 76,957 shares of the company’s stock worth $108,000 after purchasing an additional 10,076 shares during the last quarter. Finally, Apella Capital LLC grew its stake in shares of Hyliion by 56.9% in the second quarter. Apella Capital LLC now owns 33,030 shares of the company’s stock worth $172,000 after purchasing an additional 11,972 shares during the last quarter. 22.81% of the stock is owned by institutional investors and hedge funds.

About Hyliion

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.