Barclays slashes price target on Hyliion Holdings Corp. [HYLN] – find out why.

Hyliion Holdings Corp. [NYSE: HYLN] traded at a low on 12/21/20, posting a -1.83 loss after which it closed the day’ session at $17.19. The company report on November 30, 2020 that Hyliion Announces Redemption of Public Warrants.

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Hyliion Holdings Corp. (NYSE: HYLN; HLYN WS) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial vehicles, announced that holders of its approximately 12.5 million outstanding warrants (the “Public Warrants”) to purchase shares of its common stock, $0.0001 par value per share (the “Common Stock”) will have until 5:00 p.m., New York City time, on December 30, 2020 to exercise their Public Warrants. The Public Warrants are exercisable for an aggregate of approximately 12.5 million shares of Common Stock at a price of $11.50 per share, representing a total of approximately $144.0 million in potential proceeds to Hyliion. Pursuant to the terms of the agreements governing the rights of the holders of the Public Warrants, Hyliion is entitled to redeem all of the outstanding Public Warrants for a redemption price of $0.01 per Public Warrant (the “Redemption Price”) if the last sales price of the Common Stock is at least $18.00 per share on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which a notice of redemption is given. This share price performance target has been met. Any Public Warrants that remain unexercised immediately after 5:00 p.m., New York City time, on December 30, 2020 will be void and no longer exercisable, and the holders of those Public Warrants will be entitled to receive $0.01 per Public Warrant. Holders of Public Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Public Warrants since the process to exercise is voluntary.

The Public Warrants were issued under (i) the Warrant Agreement, dated as of February 27, 2019 (the “Warrant Agreement”), by and between Tortoise Acquisition Corp. (“TortoiseCorp”) and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”) and (ii) the Amended and Restated Forward Purchase Agreement, dated February 6, 2019, among TortoiseCorp, Tortoise Sponsor LLC and Atlas Point Energy Infrastructure Fund, LLC, as amended by the First Amendment to Amended and Restated Forward Purchase Agreement, dated June 18, 2020. Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement and still held by the initial holders thereof or their permitted transferees are not subject to this redemption.

The results of the trading session contributed to over 6326718 shares changing hands. Over the past one week, the price volatility of Hyliion Holdings Corp. stands at 7.24% while the volatility over the past one month is 6.70%.

The market cap for HYLN stock reached $2.81 billion, with 153.90 million shares outstanding and 79.45 million shares in the current float. Compared to the average trading volume of 6.41M shares, HYLN reached a trading volume of 6326718 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Hyliion Holdings Corp. [HYLN]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for HYLN shares is $23.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on HYLN stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Barclays have made an estimate for Hyliion Holdings Corp. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on December 16, 2020. While these analysts kept the previous recommendation, JP Morgan raised their target price to Neutral. The new note on the price target was released on October 28, 2020, representing the official price target for Hyliion Holdings Corp. stock. Previously, the target price had yet another raise to $22, while Goldman analysts kept a Neutral rating on HYLN stock.

The Average True Range (ATR) for Hyliion Holdings Corp. is set at 1.55 The Price to Book ratio for the last quarter was 2.24, with the Price to Cash per share for the same quarter was set at 0.72.

How has HYLN stock performed recently?

Hyliion Holdings Corp. [HYLN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.82. With this latest performance, HYLN shares dropped by -29.26% in over the last four-week period, additionally sinking by -1.21% over the last 6 months – not to mention a rise of 74.34% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for HYLN stock in for the last two-week period is set at 39.24, with the RSI for the last a single of trading hit 40.16, and the three-weeks RSI is set at 39.73 for Hyliion Holdings Corp. [HYLN]. The present Moving Average for the last 50 days of trading for this stock 21.82, while it was recorded at 17.17 for the last single week of trading, and 21.53 for the last 200 days.

Hyliion Holdings Corp. [HYLN]: Deeper insight into the fundamentals

Hyliion Holdings Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.00.

Insider trade positions for Hyliion Holdings Corp. [HYLN]

There are presently around $131 million, or 5.00% of HYLN stock, in the hands of institutional investors. The top three institutional holders of HYLN stocks are: LUXOR CAPITAL GROUP, LP with ownership of 4,500,000, which is approximately New of the company’s market cap and around 1.50% of the total institutional ownership; DAVIDSON KEMPNER CAPITAL MANAGEMENT LP, holding 1,200,000 shares of the stock with an approximate value of $20.63 million in HYLN stocks shares; and BANK OF AMERICA CORP /DE/, currently with $6.98 million in HYLN stock with ownership of nearly 1774.411% of the company’s market capitalization.

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49 institutional holders increased their position in Hyliion Holdings Corp. [NYSE:HYLN] by around 7,343,654 shares. Additionally, 47 investors decreased positions by around 8,215,665 shares, while 2 investors held positions by with 7,920,337 shares. The mentioned changes placed institutional holdings at 7,638,982 shares, according to the latest SEC report filing. HYLN stock had 40 new institutional investments in for a total of 6,832,438 shares, while 41 institutional investors sold positions of 8,157,770 shares during the same period.

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