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

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN) traded up 6.8% on Tuesday . The stock traded as high as $5.11 and last traded at $5.1170. Approximately 428,688 shares traded hands during trading, a decline of 83% from the average daily volume of 2,566,799 shares. The stock had previously closed at $4.79.

Analyst Ratings Changes

Separately, Needham & Company LLC began coverage on Hyliion in a research note on Wednesday, June 10th. They set a “buy” rating and a $9.00 target price for the company. Two equities research 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Hyliion Stock Performance

The stock has a 50-day simple moving average of $4.86 and a 200 day simple moving average of $2.98. The company has a market cap of $899.67 million, a P/E ratio of -16.68 and a beta of 3.41.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Millennium Management LLC lifted its position in Hyliion by 27.4% in the first 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 during the period. Invesco Ltd. increased its holdings in Hyliion by 76.3% in the 4th quarter. Invesco Ltd. now owns 6,253,598 shares of the company’s stock valued at $11,507,000 after buying an additional 2,706,803 shares during the period. State Street Corp raised its stake in shares of Hyliion by 0.8% in the 4th quarter. State Street Corp now owns 3,036,081 shares of the company’s stock valued at $5,586,000 after buying an additional 22,963 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Hyliion by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 2,973,357 shares of the company’s stock valued at $5,472,000 after buying an additional 59,019 shares in the last quarter. Finally, HITE Hedge Asset Management LLC raised its stake in shares of Hyliion by 121.9% in the 4th quarter. HITE Hedge Asset Management LLC now owns 2,827,742 shares of the company’s stock valued at $5,203,000 after buying an additional 1,553,626 shares in the last quarter. 22.81% of the stock is currently 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.