Hyliion (NYSEAMERICAN:HYLN) Stock Price Down 8.5% – Here’s What Happened

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN)’s share price traded down 8.5% during mid-day trading on Wednesday . The company traded as low as $4.74 and last traded at $4.7650. Approximately 2,764,390 shares traded hands during mid-day trading, an increase of 6% from the average session volume of 2,613,381 shares. The stock had previously closed at $5.21.

Wall Street Analysts Forecast Growth

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

Hyliion Trading Down 9.0%

The firm has a market capitalization of $845.46 million, a PE ratio of -15.80 and a beta of 3.43. The stock’s 50 day moving average price is $4.92 and its two-hundred day moving average price is $3.01.

Hedge Funds Weigh In On Hyliion

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC lifted its position in shares of Hyliion by 27.4% in the first quarter. Millennium Management LLC now owns 6,295,760 shares of the company’s stock valued at $8,814,000 after acquiring an additional 1,355,951 shares in the last quarter. Invesco Ltd. increased its position in Hyliion by 76.3% during the 4th quarter. Invesco Ltd. now owns 6,253,598 shares of the company’s stock worth $11,507,000 after purchasing an additional 2,706,803 shares in the last quarter. State Street Corp raised its stake in 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 purchasing an additional 22,963 shares during the last quarter. Geode Capital Management LLC lifted its holdings in 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 purchasing an additional 59,019 shares in the last quarter. Finally, HITE Hedge Asset Management LLC lifted 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 valued at $5,203,000 after purchasing an additional 1,553,626 shares in the last quarter. Hedge funds and other institutional investors 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.