Hyliion (NYSEAMERICAN:HYLN) Shares Up 14.2% – Should You Buy?

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN)’s stock price shot up 14.2% during trading on Wednesday . The stock traded as high as $7.10 and last traded at $7.2380. 859,193 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 2,132,069 shares. The stock had previously closed at $6.34.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC began coverage on Hyliion in a research note on Wednesday. They issued a “buy” rating and a $9.00 price objective for the company. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.00.

Hyliion Trading Up 9.4%

The stock has a market capitalization of $1.24 billion, a PE ratio of -23.08 and a beta of 3.43. The firm has a 50 day moving average price of $3.50 and a 200 day moving average price of $2.51.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HYLN. Invesco Ltd. boosted its holdings in Hyliion by 76.3% in the 4th quarter. Invesco Ltd. now owns 6,253,598 shares of the company’s stock worth $11,507,000 after buying an additional 2,706,803 shares during the period. HITE Hedge Asset Management LLC boosted its holdings in Hyliion by 121.9% in the 4th quarter. HITE Hedge Asset Management LLC now owns 2,827,742 shares of the company’s stock worth $5,203,000 after buying an additional 1,553,626 shares during the period. Millennium Management LLC boosted its holdings in Hyliion by 27.4% in the 1st quarter. Millennium Management LLC now owns 6,295,760 shares of the company’s stock worth $8,814,000 after buying an additional 1,355,951 shares during the period. J. Derek Lewis & Associates Inc. bought a new position in Hyliion in the 4th quarter worth $1,586,000. Finally, Marshall Wace LLP bought a new position in Hyliion in the 2nd quarter worth $386,000. Institutional investors own 22.81% of the company’s stock.

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.