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

Key Points

• Amprius Technologies shares gapped down on Friday, opening at $6.45 compared to a previous close of $6.93, and last traded at $6.33 with over 2 million shares exchanged.
• Recent analyst ratings have been positive, with William Blair upgrading the stock to "outperform" and B. Riley maintaining a "buy" rating with a target price of $10.00, indicating confidence in the company's performance.
• Insider trading activity saw CEO Kang Sun and CTO Constantin Ionel Stefan sell shares at approximately $2.43 each, slightly reducing their ownership in the company while institutional investors have been increasing their positions significantly.

Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $6.93, but opened at $6.45. Amprius Technologies shares last traded at $6.33, with a volume of 2,037,706 shares changing hands.

Analysts Set New Price Targets

AMPX has been the topic of several recent analyst reports. B. Riley reaffirmed a "buy" rating and issued a $10.00 price target (up previously from $6.00) on shares of Amprius Technologies in a report on Thursday, July 10th. William Blair raised Amprius Technologies from a "market perform" rating to an "outperform" rating in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Amprius Technologies currently has an average rating of "Buy" and an average price target of $10.17.

Amprius Technologies Stock Performance

The firm has a 50-day moving average of $5.01 and a 200-day moving average of $3.50. The firm has a market capitalization of $891.55 million, a P/E ratio of -18.44 and a beta of 2.72.

Amprius Technologies (NYSE:AMPX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. Amprius Technologies had a negative return on equity of 67.67% and a negative net margin of 133.34%. The business had revenue of $11.28 million for the quarter, compared to analyst estimates of $8.52 million. Equities analysts anticipate that Amprius Technologies, Inc. will post -0.45 EPS for the current fiscal year.

Insider Transactions at Amprius Technologies

In other news, CTO Constantin Ionel Stefan sold 20,366 shares of Amprius Technologies stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $2.43, for a total value of $49,489.38. Following the sale, the chief technology officer directly owned 866,134 shares in the company, valued at approximately $2,104,705.62. This trade represents a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kang Sun sold 69,786 shares of Amprius Technologies stock in a transaction that occurred 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 sale, the chief executive officer owned 1,812,235 shares in the company, valued at $4,403,731.05. This represents a 3.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,747 shares of company stock worth $286,125. 12.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Amprius Technologies

Several hedge funds have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC boosted its position in shares of Amprius Technologies by 17.7% during the second 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 in the last quarter. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 3,055 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Amprius Technologies by 61.1% during the first quarter. Rhumbline Advisers now owns 15,690 shares of the company's stock valued at $42,000 after purchasing an additional 5,951 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Amprius Technologies during the fourth quarter valued at approximately $28,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Amprius Technologies during the second quarter valued at approximately $42,000. 5.04% of the stock is currently owned by institutional investors.

Amprius Technologies Company Profile

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.