Hongli Group (NASDAQ:HLP) Shares Up 6.3% – Time to Buy?

Shares of Hongli Group Inc. (NASDAQ:HLP) traded up 6.3% during trading on Thursday. The company traded as high as $3.14 and last traded at $3.05. 258,523 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 700,047 shares. The stock had previously closed at $2.87.

Wall Street Analyst Weigh In

HLP has been the subject of a number of recent research reports. Weiss Ratings raised Hongli Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 15th. Wall Street Zen upgraded Hongli Group to a “hold” rating in a report on Saturday, June 27th. One research analyst has rated the stock with a Hold rating. According to MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Hongli Group Trading Up 15.1%

The business’s fifty day moving average price is $2.01 and its 200-day moving average price is $1.26.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Hongli Group stock. Renaissance Technologies LLC grew its position in shares of Hongli Group Inc. (NASDAQ:HLP) by 35.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 93,925 shares of the company’s stock after acquiring an additional 24,525 shares during the quarter. Renaissance Technologies LLC’s holdings in Hongli Group were worth $83,000 at the end of the most recent reporting period.

About Hongli Group

Hongli Group Limited (NASDAQ:HLP) is a China-based manufacturer of cold-rolled steel profiles and related products. Through its operating subsidiaries, the company produces customized steel sections used in applications such as mining equipment, construction machinery, agricultural machinery, transportation equipment and infrastructure projects.

Hongli’s products are manufactured in a range of shapes and specifications based on customer requirements. The company serves industrial customers primarily in China and has also pursued sales to international markets.