Hyliion (NYSE:HYLN) Shares Gap Up on Insider Buying Activity

Hyliion Holdings Corp. (NYSE:HYLN)’s share price gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $2.91, but opened at $3.11. Hyliion shares last traded at $3.17, with a volume of 402,038 shares changing hands.

Specifically, Director Jeffrey A. Craig acquired 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $2.95 per share, for a total transaction of $147,500.00. Following the transaction, the director now directly owns 282,060 shares in the company, valued at $832,077. This represents a 21.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Analysts Set New Price Targets

HYLN has been the subject of a number of research reports. Northland Securities increased their target price on shares of Hyliion from $1.50 to $2.00 and gave the stock a “market perform” rating in a report on Tuesday, August 13th. Northland Capmk raised shares of Hyliion to a “hold” rating in a research note on Tuesday, October 1st.

Hyliion Stock Up 26.6 %

The stock has a market capitalization of $639.59 million, a price-to-earnings ratio of -9.96 and a beta of 1.91. The stock has a 50 day moving average price of $2.49 and a 200 day moving average price of $2.02.

Institutional Investors Weigh In On Hyliion

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in shares of Hyliion by 64.8% in the 2nd quarter. Millennium Management LLC now owns 4,735,608 shares of the company’s stock valued at $7,672,000 after buying an additional 1,861,497 shares during the last quarter. Vanguard Group Inc. raised its stake in Hyliion by 11.7% during the first quarter. Vanguard Group Inc. now owns 7,291,480 shares of the company’s stock worth $12,833,000 after buying an additional 762,909 shares during the last quarter. HITE Hedge Asset Management LLC lifted its holdings in Hyliion by 130.6% in the third quarter. HITE Hedge Asset Management LLC now owns 933,659 shares of the company’s stock valued at $2,315,000 after buying an additional 528,750 shares during the period. Barclays PLC boosted its position in Hyliion by 272.1% during the third quarter. Barclays PLC now owns 184,685 shares of the company’s stock valued at $459,000 after acquiring an additional 135,055 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in Hyliion by 79.3% during the 3rd quarter. Jane Street Group LLC now owns 265,302 shares of the company’s stock worth $658,000 after acquiring an additional 117,358 shares during the period. 22.81% of the stock is currently owned by institutional investors and hedge funds.

About Hyliion