Amprius Technologies (NYSE:AMPX) Trading Up 14.6% - Here's Why

Key Points

• Shares of Amprius Technologies surged 14.6%, reaching a trading high of $12.20 on Wednesday, with significant trading volume increasing by 85% compared to average levels.
• Recent analyst upgrades have boosted the company's price targets, with HC Wainwright raising its target from $10.00 to $18.00, reflecting a strong consensus rating of "Buy" from multiple analysts.
• The company reported better-than-expected quarterly earnings, with a revenue of $15.07 million, surpassing analysts' forecasts, indicating positive performance amid a challenging market environment.

Shares of Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report) rose 14.6% during mid-day trading on Wednesday . The company traded as high as $12.20 and last traded at $12.06. Approximately 10,344,234 shares were traded during trading, an increase of 85% from the average daily volume of 5,594,452 shares. The stock had previously closed at $10.52.

Analyst Upgrades and Downgrades

AMPX has been the subject of a number of recent analyst reports. HC Wainwright restated a "buy" rating and set a $18.00 price target (up from $10.00) on shares of Amprius Technologies in a report on Friday, August 8th. Roth Capital restated a "buy" rating and set a $10.00 price target (up from $6.00) on shares of Amprius Technologies in a report on Tuesday, August 5th. William Blair upgraded shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a report on Friday, July 18th. B. Riley upped their price target on shares of Amprius Technologies from $10.00 to $11.00 and gave the company a "buy" rating in a report on Friday, August 8th. Finally, Cantor Fitzgerald upped their price target on shares of Amprius Technologies from $10.00 to $12.00 and gave the company an "overweight" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $11.71.

Amprius Technologies Stock Up 14.6%

The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -36.54 and a beta of 2.72. The business's fifty day moving average is $8.26 and its two-hundred day moving average is $5.09.

Amprius Technologies (NYSE:AMPX - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $15.07 million for the quarter, compared to analysts' expectations of $12.38 million. Research analysts forecast that Amprius Technologies, Inc. will post -0.45 EPS for the current year.

Insider Buying and Selling at Amprius Technologies

In other news, CEO Kang Sun sold 65,654 shares of Amprius Technologies stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $6.82, for a total transaction of $447,760.28. Following the transaction, the chief executive officer directly owned 1,472,306 shares of the company's stock, valued at $10,041,126.92. This trade represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Sandra Wallach sold 28,390 shares of Amprius Technologies stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $6.82, for a total transaction of $193,619.80. Following the transaction, the chief financial officer directly owned 1,005,275 shares in the company, valued at approximately $6,855,975.50. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,203 shares of company stock valued at $772,044. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Amprius Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in AMPX. 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 worth $36,000 after purchasing an additional 3,055 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Amprius Technologies by 323.1% during the fourth quarter. Two Sigma Investments LP now owns 443,311 shares of the company's stock worth $1,241,000 after acquiring an additional 338,524 shares during the period. Two Sigma Advisers LP acquired a new stake in shares of Amprius Technologies during the fourth quarter worth $128,000. Rhumbline Advisers raised its holdings in shares of Amprius Technologies by 61.1% during the first quarter. Rhumbline Advisers now owns 15,690 shares of the company's stock worth $42,000 after acquiring an additional 5,951 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Amprius Technologies during the first quarter worth $298,000. 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.

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