Hyliion stock hits 52-week high of $2.99 during market rally By Investing.com
With dramatic changes, Hyliion Holdings Corp (HYLN) stock rose to a 52-week high, reaching $2.99. The peak comes amid a broader market rally that has seen investors regain confidence in the electric vehicle sector. The attack represents a major setback for the company, which has been working hard to position itself as a leader in the green transportation space. Over the past year, the stock has seen an unusual turnaround, with Tortoise Acquisition Corp (NYSE: ), the SPAC that took Hyliion public, reports an impressive 1-year change of 376.43%. This impressive growth underscores the market’s enthusiasm for Hyliion’s new approach to electrifying commercial vessels and its long-term growth potential.
In other recent news, Hylian Holdings made major strides in its third-quarter 2024 earnings call, reporting significant progress on its 200-kilowatt Carnot generator. The company is expected to begin early delivery of students soon, and a $16 million contract with the US Navy is expected to contribute to revenue recognition and R&D services from Q4 2024. Despite a net loss of $11.2 million for the quarter, the the company strengthened its financial position with significant reductions in operating expenses and a strong cash and investment balance of $238 million.
The transition from beta development to testing and validation of the Carnot generator is underway. Hylian expects to deliver a few units by 2025, with annual revenue estimated to be in the low double-digit millions. A 2-megawatt production system is also under development, expected to be launched in 2026.
Although the company reported a strong loss, it has managed to reduce its annual operating costs to date significantly from last year. However, Hylian expects operating expenses to be slightly higher in Q4 2024. This is the latest development in the company’s performance and financial health.
InvestingPro Insights
Hyliion Holdings Corp’s (HYLN) recent stock performance is in line with data from InvestingPro, showing an impressive 377.16% price return over the past year. This rise is also emphasized by the stock’s current price of 92.77% of its 52-week high, indicating strong momentum implied in the headline.
InvestingPro Tips highlights that HYLN has experienced “strong returns over the past three months” and “Large price increases over the past six months,” proving the article’s narrative of remarkable returns. The data shows a price return of 36.59% within three months and an impressive 76.1% within six months.
Despite the stock’s strong performance, InvestingPro Tips also warns that the company is “Cash burning fast” and “Has not been profitable in the past twelve months.” This information provides a balanced view, suggesting that although investor interest is high, the company is still facing financial challenges.
For readers interested in in-depth analysis, InvestingPro offers 8 additional tips for Hyliion Holdings Corp, which provide a comprehensive overview of the company’s financial health and market conditions.
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