Amprius Technologies (NYSE:AMPX) Stock Price Up 6.4% Following Earnings Beat

Key Points

• Amprius Technologies' stock surged 6.4% following a quarterly earnings announcement that beat expectations, reporting an EPS of ($0.05) compared to the consensus estimate of ($0.08).
• Several analysts have updated their price targets for Amprius Technologies, with Cantor Fitzgerald raising it to $12.00 and HC Wainwright to $18.00, indicating strong positive sentiment towards the stock.
• Institutional investors have significantly increased their holdings, with Oppenheimer & Co. increasing their position by 319.4%, showing growing confidence in the company's future prospects.

Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report)'s stock price shot up 6.4% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $9.66 and last traded at $8.21. 11,846,663 shares were traded during trading, an increase of 139% from the average session volume of 4,955,361 shares. The stock had previously closed at $7.72.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Cantor Fitzgerald lifted their target price on Amprius Technologies from $10.00 to $12.00 and gave the stock an "overweight" rating in a report on Friday. HC Wainwright upped their price objective on shares of Amprius Technologies from $10.00 to $18.00 and gave the company a "buy" rating in a report on Friday. B. Riley increased their price objective on shares of Amprius Technologies from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Friday. William Blair raised shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a report on Friday, July 18th. Finally, Roth Capital reaffirmed a "buy" rating and set a $10.00 price target (up from $6.00) on shares of Amprius Technologies in a research report on Tuesday. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Amprius Technologies presently has a consensus rating of "Buy" and a consensus target price of $11.71.

Insider Buying and Selling

In other news, CEO Kang Sun sold 69,786 shares of the firm'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 $169,579.98. Following the sale, the chief executive officer directly owned 1,812,235 shares in the company, valued at $4,403,731.05. This trade represents a 3.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Constantin Ionel Stefan sold 20,366 shares of the company's 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 transaction, the chief technology officer directly owned 866,134 shares of the company's stock, valued at approximately $2,104,705.62. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,747 shares of company stock valued at $286,125. Corporate insiders own 12.90% of the company's stock.

Institutional Trading of Amprius Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer & Co. Inc. lifted its position in shares of Amprius Technologies by 319.4% in the first quarter. Oppenheimer & Co. Inc. now owns 491,378 shares of the company's stock valued at $1,317,000 after acquiring an additional 374,228 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Amprius Technologies during the 4th quarter worth $724,000. Two Sigma Advisers LP acquired a new position in shares of Amprius Technologies during the 4th quarter valued at about $128,000. Geode Capital Management LLC boosted its position in shares of Amprius Technologies by 6.0% during the 4th quarter. Geode Capital Management LLC now owns 580,819 shares of the company's stock valued at $1,626,000 after acquiring an additional 32,681 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings 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 valued at $2,142,000 after purchasing an additional 752,000 shares during the period. Hedge funds and other institutional investors own 5.04% of the company's stock.

Amprius Technologies Price Performance

The company has a market capitalization of $949.43 million, a PE ratio of -19.71 and a beta of 2.72. The business's 50 day simple moving average is $5.41 and its 200 day simple moving average is $3.62.

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.

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