Amprius Technologies (NYSE:AMPX) Reaches New 1-Year High After Strong Earnings

Key Points

• Amprius Technologies reached a new 52-week high of $9.66 following a stronger than expected earnings report that showed earnings per share of ($0.05), beating estimates by $0.03.
• Several analysts upgraded their ratings on Amprius Technologies, with target prices now ranging from $10.00 to $18.00, indicating a consensus rating of "Buy".
• The company reported revenue of $15.07 million for the quarter, significantly exceeding analyst expectations of $12.38 million.

Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report)'s stock price reached a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $9.66 and last traded at $8.23, with a volume of 8254801 shares. The stock had previously closed at $7.72.

The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. The business had revenue of $15.07 million for the quarter, compared to analysts' expectations of $12.38 million. Amprius Technologies had a negative return on equity of 55.79% and a negative net margin of 84.77%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AMPX shares. HC Wainwright reissued a "buy" rating and issued a $18.00 target price (up previously from $10.00) on shares of Amprius Technologies in a research report on Friday. William Blair upgraded shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a report on Friday, July 18th. B. Riley upped their target price on shares of Amprius Technologies from $10.00 to $11.00 and gave the stock a "buy" rating in a research report on Friday. Cantor Fitzgerald increased their price target on shares of Amprius Technologies from $10.00 to $12.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Roth Capital reaffirmed a "buy" rating and set a $10.00 price objective (up from $6.00) on shares of Amprius Technologies in a report on Tuesday, August 5th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $11.71.

Insider Activity

In other Amprius Technologies news, CEO Kang Sun sold 69,786 shares of Amprius Technologies stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $2.43, for a total value of $169,579.98. Following the completion of the sale, the chief executive officer directly owned 1,812,235 shares of the company's stock, valued at approximately $4,403,731.05. The trade was a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sandra Wallach sold 27,595 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $2.43, for a total transaction of $67,055.85. Following the sale, the chief financial officer owned 1,033,665 shares of the company's stock, valued at approximately $2,511,805.95. This represents a 2.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,747 shares of company stock valued at $286,125 in the last quarter. Company insiders own 12.90% of the company's stock.

Institutional Investors Weigh In On Amprius Technologies

Several large investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV bought a new stake in shares of Amprius Technologies during the 4th quarter worth about $28,000. Bank of America Corp DE boosted its position in Amprius Technologies by 31.1% during the fourth quarter. Bank of America Corp DE now owns 12,890 shares of the company's stock valued at $36,000 after acquiring an additional 3,055 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Amprius Technologies in the 1st quarter worth about $40,000. Cornerstone Partners Capital Management LLC bought a new position in shares of Amprius Technologies in the first quarter worth approximately $41,000. Finally, Rhumbline Advisers increased its position in Amprius Technologies by 61.1% during the first quarter. Rhumbline Advisers now owns 15,690 shares of the company's stock worth $42,000 after purchasing an additional 5,951 shares during the last quarter. Hedge funds and other institutional investors own 5.04% of the company's stock.

Amprius Technologies Stock Down 1.8%

The company's fifty day moving average is $5.52 and its two-hundred day moving average is $3.66. The stock has a market cap of $933.16 million, a price-to-earnings ratio of -23.74 and a beta of 2.72.

About Amprius Technologies

Amprius Technologies, Inc produces and sells ultra-high energy density lithium-ion batteries for mobility applications. The company offers silicon nanowire anode batteries. Its batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems, such as drones and high-altitude pseudo satellites.