Amprius Technologies (NYSE:AMPX) Stock Price Up 6.4% After Better-Than-Expected Earnings

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 share price rose 6.4% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $9.66 and last traded at $8.21. Approximately 11,846,663 shares traded hands during trading, an increase of 139% from the average daily volume of 4,955,361 shares. The stock had previously closed at $7.72.

The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.03. The business had revenue of $15.07 million for the quarter, compared to analyst estimates of $12.38 million. Amprius Technologies had a negative return on equity of 55.79% and a negative net margin of 84.77%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AMPX shares. William Blair upgraded Amprius Technologies from a "market perform" rating to an "outperform" rating in a research report on Friday, July 18th. HC Wainwright restated a "buy" rating and set a $18.00 target price (up from $10.00) on shares of Amprius Technologies in a report on Friday. Roth Capital restated a "buy" rating and set a $10.00 target price (up from $6.00) on shares of Amprius Technologies in a report on Tuesday, August 5th. B. Riley increased their target price on Amprius Technologies from $10.00 to $11.00 and gave the company a "buy" rating in a report on Friday. Finally, Cantor Fitzgerald increased their target price on Amprius Technologies from $10.00 to $12.00 and gave the company an "overweight" rating in a report on Friday. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $11.71.

Insider Activity

In other news, CFO Sandra Wallach sold 27,595 shares of the firm'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 $67,055.85. Following the completion of the transaction, the chief financial officer owned 1,033,665 shares in the company, valued at $2,511,805.95. This trade represents a 2.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Constantin Ionel Stefan sold 20,366 shares of Amprius Technologies stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $2.43, for a total value of $49,489.38. Following the transaction, the chief technology officer owned 866,134 shares of the company's stock, valued at $2,104,705.62. The trade was a 2.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 117,747 shares of company stock worth $286,125 in the last quarter. 12.90% of the stock is owned by company insiders.

Institutional Trading of Amprius Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. increased its holdings in shares of Amprius Technologies by 319.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 491,378 shares of the company's stock worth $1,317,000 after purchasing an additional 374,228 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Amprius Technologies in the 4th quarter worth $724,000. Two Sigma Advisers LP bought a new stake in shares of Amprius Technologies in the 4th quarter worth $128,000. Geode Capital Management LLC increased its holdings in shares of Amprius Technologies by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 580,819 shares of the company's stock worth $1,626,000 after purchasing an additional 32,681 shares in 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 worth $2,142,000 after acquiring an additional 752,000 shares during the period. Institutional investors own 5.04% of the company's stock.

Amprius Technologies Stock Down 4.7%

The company has a market cap of $906.27 million, a P/E ratio of -23.29 and a beta of 2.72. The company has a fifty day moving average of $5.52 and a 200 day moving average of $3.66.

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.