Hyliion (NYSEAMERICAN:HYLN) Rating Increased to Moderate Buy at Needham & Company LLC

Hyliion (NYSEAMERICAN:HYLN) was upgraded by analysts at Needham & Company LLC to a “moderate buy” rating in a report issued on Wednesday,Zacks.com reports.

Hyliion Price Performance

Hyliion stock opened at $6.92 on Wednesday. Hyliion has a one year low of $1.30 and a one year high of $7.97. The business has a fifty day moving average price of $3.60 and a 200-day moving average price of $2.55. The firm has a market capitalization of $1.23 billion, a P/E ratio of -23.07 and a beta of 3.43.

Hedge Funds Weigh In On Hyliion

A number of large investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings 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 worth $8,814,000 after acquiring an additional 1,355,951 shares during the period. 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 valued at $11,507,000 after purchasing an additional 2,706,803 shares during the period. State Street Corp grew its position in shares of Hyliion by 0.8% during 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Hyliion by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 2,973,357 shares of the company’s stock worth $5,472,000 after buying an additional 59,019 shares in the last quarter. Finally, HITE Hedge Asset Management LLC raised its position in shares of Hyliion by 121.9% in the fourth 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 in the last quarter. 22.81% of the stock is owned by institutional investors.

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.