Amprius Technologies (NYSE:AMPX) Trading Up 2.9% - Still a Buy?

Key Points

• Shares of Amprius Technologies (NYSE:AMPX) surged by 2.9%, reaching a high of $13.37 during trading, with 6,513,173 shares changing hands.
• Analysts have largely given Amprius Technologies a Buy rating, with targets ranging up to $20.00 set by Northland Securities, while the consensus target price is $13.14.
• The company reported better-than-expected quarterly earnings with a loss of ($0.05) per share, exceeding consensus estimates by $0.03, and generating $15.07 million in revenue.

Shares of Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report) shot up 2.9% on Thursday . The company traded as high as $13.37 and last traded at $12.79. 6,513,173 shares changed hands during trading, an increase of 14% from the average session volume of 5,719,861 shares. The stock had previously closed at $12.42.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AMPX. Northland Securities set a $20.00 price objective on shares of Amprius Technologies in a research report on Tuesday. Cantor Fitzgerald boosted their price objective 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. B. Riley boosted their price objective 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. William Blair upgraded shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a research report on Friday, July 18th. Finally, 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, August 5th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $13.14.

Amprius Technologies Price Performance

The stock's fifty day moving average price is $8.95 and its 200 day moving average price is $5.56. The stock has a market capitalization of $1.60 billion, a P/E ratio of -38.74 and a beta of 2.85.

Amprius Technologies (NYSE:AMPX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.03. The firm had revenue of $15.07 million for the quarter, compared to analysts' expectations of $12.38 million. Amprius Technologies had a negative net margin of 84.77% and a negative return on equity of 55.79%. On average, sell-side analysts expect that Amprius Technologies, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Constantin Ionel Stefan sold 19,159 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $6.82, for a total value of $130,664.38. Following the completion of the sale, the chief technology officer directly owned 846,975 shares of the company's stock, valued at $5,776,369.50. This represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kang Sun sold 65,654 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $6.82, for a total transaction of $447,760.28. Following the completion of the sale, the chief executive officer directly owned 1,472,306 shares of the company's stock, valued at approximately $10,041,126.92. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,203 shares of company stock valued at $772,044 over the last three months. 12.90% of the stock is owned by company insiders.

Institutional Trading of Amprius Technologies

Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its stake in Amprius Technologies by 128.6% in the first quarter. Goldman Sachs Group Inc. now owns 244,646 shares of the company's stock worth $656,000 after acquiring an additional 137,640 shares during the period. Baird Financial Group Inc. purchased a new stake in shares of Amprius Technologies during the first quarter valued at about $1,341,000. Oppenheimer & Co. Inc. lifted its position in shares of Amprius Technologies by 319.4% during the first quarter. Oppenheimer & Co. Inc. now owns 491,378 shares of the company's stock valued at $1,317,000 after buying an additional 374,228 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Amprius Technologies during the first quarter valued at about $174,000. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Amprius Technologies during the first quarter valued at about $2,508,000. 5.04% of the stock is owned by hedge funds and other institutional investors.

About Amprius Technologies

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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