Hyliion (NYSE:HYLN) Trading Up 4.8% - Here's Why

Hyliion Holdings Corp. (NYSE:HYLN - Get Free Report)'s share price shot up 4.8% on Wednesday . The stock traded as high as $1.54 and last traded at $1.52. 780,785 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 1,270,454 shares. The stock had previously closed at $1.45.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Hyliion from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

Hyliion Trading Up 3.9%

The company has a 50 day simple moving average of $1.45 and a 200 day simple moving average of $1.71. The stock has a market capitalization of $276.22 million, a PE ratio of -4.27 and a beta of 2.59.

Insider Buying and Selling

In related news, CFO Jon Panzer acquired 40,000 shares of Hyliion stock in a transaction on Friday, May 23rd. The stock was purchased at an average cost of $1.14 per share, with a total value of $45,600.00. Following the purchase, the chief financial officer directly owned 925,669 shares in the company, valued at approximately $1,055,262.66. The trade was a 4.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders purchased 65,000 shares of company stock worth $73,850. 20.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hyliion

A number of large investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Hyliion during the 2nd quarter worth approximately $44,000. Acadian Asset Management LLC purchased a new position in shares of Hyliion during the 1st quarter worth approximately $214,000. Jane Street Group LLC raised its stake in shares of Hyliion by 941.8% during the 1st quarter. Jane Street Group LLC now owns 114,997 shares of the company's stock worth $161,000 after buying an additional 103,959 shares in the last quarter. Millennium Management LLC raised its stake in shares of Hyliion by 27.4% during the 1st quarter. Millennium Management LLC now owns 6,295,760 shares of the company's stock worth $8,814,000 after buying an additional 1,355,951 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Hyliion by 15.1% during the 1st quarter. AQR Capital Management LLC now owns 76,957 shares of the company's stock worth $108,000 after buying an additional 10,076 shares in the last quarter. 22.81% of the stock is owned by hedge funds and other institutional investors.

About Hyliion