Hyliion (NYSEAMERICAN:HYLN) Sees Unusually-High Trading Volume – Here’s What Happened

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN) shares saw unusually-strong trading volume on Wednesday . 2,354,999 shares were traded during mid-day trading, a decline of 3% from the previous session’s volume of 2,432,601 shares.The stock last traded at $5.0440 and had previously closed at $6.10.

Analyst Upgrades and Downgrades

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

Hyliion Stock Down 15.7%

The company has a market cap of $917.51 million, a PE ratio of -17.22 and a beta of 3.43. The stock’s 50 day simple moving average is $4.63 and its two-hundred day simple moving average is $2.90.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HYLN. CIBC Bancorp USA Inc. purchased a new stake in Hyliion during the third quarter valued at about $26,000. Cubist Systematic Strategies LLC acquired a new position in shares of Hyliion in the 1st quarter valued at about $26,000. Hsbc Holdings PLC purchased a new stake in shares of Hyliion during the 1st quarter worth about $27,000. Brevan Howard Capital Management LP acquired a new stake in Hyliion during the 2nd quarter worth approximately $30,000. Finally, XTX Topco Ltd acquired a new stake in Hyliion during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds 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.