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

Key Points

• Shares of Amprius Technologies (NYSE:AMPX) fell 4.4%, trading at $6.90, significantly below its previous close of $7.21, with a drastic decline in trading volume.
• Despite the stock's recent drop, analysts have issued multiple buy ratings for Amprius Technologies, with target prices ranging from $10 to $18, resulting in an average target price of $11.71.
• Amprius reported a revenue of $15.07 million for the quarter, exceeding analyst expectations, and its loss per share beat consensus estimates.

Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report) fell 4.4% during mid-day trading on Tuesday . The stock traded as low as $6.90 and last traded at $6.90. 1,170,459 shares changed hands during trading, a decline of 77% from the average session volume of 5,104,040 shares. The stock had previously closed at $7.21.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AMPX. B. Riley boosted their price target on shares of Amprius Technologies from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Friday, August 8th. HC Wainwright reiterated a "buy" rating and set a $18.00 price target (up previously from $10.00) on shares of Amprius Technologies in a research report on Friday, August 8th. Roth Capital reiterated a "buy" rating and set a $10.00 price target (up previously from $6.00) on shares of Amprius Technologies in a research report on Tuesday, August 5th. Cantor Fitzgerald boosted their price target on shares of Amprius Technologies from $10.00 to $12.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Finally, William Blair upgraded shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a research report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $11.71.

Amprius Technologies Stock Performance

The company has a market capitalization of $900.55 million, a PE ratio of -21.82 and a beta of 2.72. The business's 50-day moving average is $6.34 and its 200-day moving average is $3.92.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.08) by $0.03. Amprius Technologies had a negative net margin of 84.77% and a negative return on equity of 55.79%. The company had revenue of $15.07 million during the quarter, compared to analysts' expectations of $12.38 million. Analysts expect that Amprius Technologies, Inc. will post -0.45 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AMPX. JPMorgan Chase & Co. lifted its stake in shares of Amprius Technologies by 12,063.3% in the second quarter. JPMorgan Chase & Co. now owns 1,017,217 shares of the company's stock worth $4,282,000 after buying an additional 1,008,854 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Amprius Technologies by 167.9% in the second quarter. Geode Capital Management LLC now owns 1,593,607 shares of the company's stock worth $6,710,000 after buying an additional 998,649 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in shares of Amprius Technologies in the first quarter worth approximately $2,508,000. Invesco Ltd. lifted its stake in shares of Amprius Technologies by 56.5% in the fourth quarter. Invesco Ltd. now owns 2,484,662 shares of the company's stock worth $6,957,000 after buying an additional 897,222 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Amprius Technologies by 5,740.5% in the fourth quarter. Renaissance Technologies LLC now owns 765,100 shares of the company's stock worth $2,142,000 after buying an additional 752,000 shares in the last quarter. Institutional investors own 5.04% of the company's stock.

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.