Amprius Technologies (NYSE:AMPX) Stock Price Down 4.4% - Here's What Happened

Key Points

• Amprius Technologies (NYSE:AMPX) shares fell 4.4% to $7.96 during mid-day trading, with a significant decline in trading volume.
• Despite the recent stock drop, analysts remain optimistic, with eight analysts rating the stock as a buy and an average price target of $10.14.
• The company reported earnings of ($0.08) per share, exceeding expectations, and generating revenue of $11.28 million for the quarter.

Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report) shares traded down 4.4% on Wednesday . The company traded as low as $7.97 and last traded at $7.96. 2,614,624 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 4,862,131 shares. The stock had previously closed at $8.32.

Analysts Set New Price Targets

AMPX has been the topic of a number of analyst reports. William Blair upgraded shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a research note on Friday, July 18th. Roth Capital reiterated a "buy" rating and set a $10.00 price objective (up previously from $6.00) on shares of Amprius Technologies in a research report on Tuesday. Finally, B. Riley reaffirmed a "buy" rating and set a $10.00 target price (up from $6.00) on shares of Amprius Technologies in a research note on Thursday, July 10th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $10.14.

Amprius Technologies Stock Performance

The stock has a market cap of $893.32 million, a P/E ratio of -18.47 and a beta of 2.72. The stock's fifty day moving average is $5.21 and its 200 day moving average is $3.56.

Amprius Technologies (NYSE:AMPX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $11.28 million during the quarter, compared to analysts' expectations of $8.52 million. Equities research analysts predict that Amprius Technologies, Inc. will post -0.45 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Constantin Ionel Stefan sold 20,366 shares of the stock in a transaction dated Wednesday, May 21st. The shares were 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 of the company's stock, valued at $2,104,705.62. This represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Sandra Wallach sold 27,595 shares of the business's 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 $67,055.85. Following the transaction, the chief financial officer owned 1,033,665 shares of the company's stock, valued at $2,511,805.95. This trade represents a 2.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 117,747 shares of company stock valued at $286,125 over the last three months. 12.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Amprius Technologies

A number of institutional investors and hedge funds have recently modified their holdings of AMPX. Board of Trustees of The Leland Stanford Junior University purchased a new position in Amprius Technologies in the 4th quarter worth about $4,081,000. Essex Investment Management Co. LLC bought a new position in Amprius Technologies in the 1st quarter worth about $2,508,000. Invesco Ltd. increased its position in shares of Amprius Technologies by 56.5% during the fourth quarter. Invesco Ltd. now owns 2,484,662 shares of the company's stock worth $6,957,000 after acquiring an additional 897,222 shares during the period. Renaissance Technologies LLC increased its position in shares of Amprius Technologies by 5,740.5% during the fourth quarter. Renaissance Technologies LLC now owns 765,100 shares of the company's stock worth $2,142,000 after acquiring an additional 752,000 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of Amprius Technologies during the fourth quarter valued at approximately $2,009,000. 5.04% of the stock is 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.