Amprius Technologies (NYSE:AMPX) Shares Gap Down - Here's Why

Key Points

• Amprius Technologies shares opened at $10.40, down from a previous close of $11.09, and recently traded at $10.49 with significant trading volume.
• Multiple analysts upgraded their price targets for Amprius Technologies, with HC Wainwright setting the highest target at $18.00 and an average price target of $11.71 among analysts.
• The company reported quarterly earnings that exceeded expectations, with a revenue of $15.07 million against an estimate of $12.38 million, highlighting a positive trend despite a negative net margin of 84.77%.

Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $11.09, but opened at $10.40. Amprius Technologies shares last traded at $10.49, with a volume of 2,082,766 shares.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AMPX shares. Roth Capital reissued a "buy" rating and set a $10.00 target price (up from $6.00) on shares of Amprius Technologies in a research note on Tuesday, August 5th. Cantor Fitzgerald increased their target price on Amprius Technologies from $10.00 to $12.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. B. Riley increased their target price on Amprius Technologies from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. HC Wainwright reissued a "buy" rating and set a $18.00 target price (up from $10.00) on shares of Amprius Technologies in a research note on Friday, August 8th. Finally, William Blair raised shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a research note on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $11.71.

Amprius Technologies Trading Down 1.2%

The company has a market capitalization of $1.37 billion, a P/E ratio of -33.04 and a beta of 2.72. The firm's 50 day moving average price is $8.06 and its two-hundred day moving average price is $4.82.

Amprius Technologies (NYSE:AMPX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $15.07 million during the quarter, compared to analysts' expectations of $12.38 million. Amprius Technologies had a negative net margin of 84.77% and a negative return on equity of 55.79%. Analysts anticipate that Amprius Technologies, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Activity at Amprius Technologies

In related news, CFO Sandra Wallach sold 28,390 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $6.82, for a total value of $193,619.80. Following the completion of the transaction, the chief financial officer directly owned 1,005,275 shares of the company's stock, valued at approximately $6,855,975.50. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kang Sun sold 65,654 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $6.82, for a total transaction of $447,760.28. Following the completion of the transaction, the chief executive officer directly owned 1,472,306 shares of the company's stock, valued at $10,041,126.92. This represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,203 shares of company stock valued at $772,044. 12.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Amprius Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC lifted its holdings in Amprius Technologies by 17.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 19,134 shares of the company's stock valued at $81,000 after purchasing an additional 2,873 shares during the last quarter. Bank of America Corp DE lifted its holdings 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 purchasing an additional 3,055 shares during the last quarter. Rhumbline Advisers lifted its holdings in Amprius Technologies by 61.1% during the 1st quarter. Rhumbline Advisers now owns 15,690 shares of the company's stock valued at $42,000 after purchasing an additional 5,951 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Amprius Technologies by 2,043.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,516 shares of the company's stock valued at $40,000 after purchasing an additional 9,072 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Amprius Technologies by 1,385.4% during the 2nd quarter. Legal & General Group Plc now owns 10,383 shares of the company's stock valued at $44,000 after purchasing an additional 9,684 shares during the last quarter. 5.04% of the stock is owned by institutional investors.

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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