Amprius Technologies (NYSE:AMPX) Reaches New 52-Week High Following Earnings Beat

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) reached a new 52-week high during mid-day trading 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 trading hands. The stock had previously closed at $7.72.

The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $15.07 million during the quarter, compared to analyst estimates of $12.38 million. Amprius Technologies had a negative return on equity of 67.67% and a negative net margin of 133.34%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on AMPX shares. HC Wainwright increased their target price on Amprius Technologies from $10.00 to $18.00 and gave the stock a "buy" rating in a research note on Friday. Roth Capital restated a "buy" rating and issued a $10.00 price target (up from $6.00) on shares of Amprius Technologies in a report on Tuesday. William Blair raised shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a research note on Friday, July 18th. Finally, B. Riley boosted their price objective on shares of Amprius Technologies from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Friday. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Amprius Technologies currently has a consensus rating of "Buy" and a consensus price target of $11.43.

Insider Transactions at Amprius Technologies

In related news, CEO Kang Sun sold 69,786 shares of Amprius Technologies stock in a transaction dated Wednesday, May 21st. The stock was 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 in the company, valued at $4,403,731.05. The trade was a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Sandra Wallach sold 27,595 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $2.43, for a total transaction of $67,055.85. Following the completion of the sale, the chief financial officer directly owned 1,033,665 shares of the company's stock, valued at approximately $2,511,805.95. This trade represents a 2.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,747 shares of company stock valued at $286,125. 12.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Amprius Technologies

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

Amprius Technologies Stock Performance

The business has a 50 day moving average of $5.41 and a two-hundred day moving average of $3.62. The stock has a market capitalization of $962.17 million, a PE ratio of -20.20 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.

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