Amprius Technologies (NYSE:AMPX) Trading Up 8.1% - Here's Why

Key Points

• Amprius Technologies' shares have surged by 8.1% during trading, reaching a high of $8.48 before closing at $8.15, with trading volume significantly above the average.
• Research analysts have raised their target prices for Amprius Technologies to $10.00, with a consensus rating of "Buy" from eight analysts.
• The company reported $11.28 million in revenue for the last quarter, exceeding expectations, and achieved an earnings per share of ($0.08), beating estimates.

Amprius Technologies, Inc. (NYSE:AMPX - Get Free Report) shares were up 8.1% during trading on Tuesday . The stock traded as high as $8.48 and last traded at $8.15. Approximately 5,453,668 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 4,835,983 shares. The stock had previously closed at $7.54.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Roth Capital reiterated a "buy" rating and set a $10.00 target price (up previously from $6.00) on shares of Amprius Technologies in a report on Tuesday. B. Riley restated 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 Thursday, July 10th. Finally, William Blair raised shares of Amprius Technologies from a "market perform" rating to an "outperform" rating in a report on Friday, July 18th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Amprius Technologies currently has a consensus rating of "Buy" and a consensus target price of $10.14.

Amprius Technologies Stock Up 9.4%

The firm has a market capitalization of $972.33 million, a PE ratio of -20.12 and a beta of 2.72. The firm's 50 day moving average price is $5.10 and its two-hundred day moving average price is $3.53.

Amprius Technologies (NYSE:AMPX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. Amprius Technologies had a negative net margin of 133.34% and a negative return on equity of 67.67%. The firm had revenue of $11.28 million during the quarter, compared to analyst estimates of $8.52 million. On average, sell-side analysts anticipate that Amprius Technologies, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Activity at Amprius Technologies

In related news, CFO Sandra Wallach sold 27,595 shares of Amprius Technologies stock in a transaction dated 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 directly owned 1,033,665 shares of the company's stock, valued at $2,511,805.95. The trade was a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Constantin Ionel Stefan sold 20,366 shares of the business's stock in a transaction dated 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 owned 866,134 shares of the company's stock, valued at $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 quarter, insiders have sold 117,747 shares of company stock valued at $286,125. 12.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMPX. Invesco Ltd. increased its holdings in 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 purchasing an additional 897,222 shares in the last quarter. Board of Trustees of The Leland Stanford Junior University bought a new stake in shares of Amprius Technologies in the fourth quarter valued at $4,081,000. Millennium Management LLC grew its position in Amprius Technologies by 94.5% during the first quarter. Millennium Management LLC now owns 1,396,013 shares of the company's stock worth $3,741,000 after buying an additional 678,442 shares in the last quarter. Essex Investment Management Co. LLC purchased a new position in Amprius Technologies during the first quarter worth about $2,508,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Amprius Technologies by 5,740.5% during the 4th quarter. Renaissance Technologies LLC now owns 765,100 shares of the company's stock valued at $2,142,000 after buying an additional 752,000 shares in the last quarter. 5.04% of the stock is owned by institutional investors and hedge funds.

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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