Hyliion Holdings Corp. (HYLN) witnessed a surge of 22.16% in its stock price on Thursday, marking a new 52-week high of $3.48. The rally was likely fueled by a combination of factors, including insider buying activity and the company's positive growth outlook.
Late on Wednesday, an SEC filing revealed that board director Craig Jeffrey purchased 50,000 shares of Hyliion at $2.95 per share. Jeffrey's insider buying action, increasing his total shareholding to 282,060 shares, signaled confidence in the company's prospects and may have sparked investor interest.
Additionally, Hyliion provided projections for 2025, indicating growth in deliveries of its KARNO generator and expected proceeds from sales and research and development services in the low double-digit millions. The company also aims to achieve approximately break-even gross margins on a cash basis by late 2025 or early 2026, with modest growth in cash spending compared to 2024. These positive growth prospects likely contributed to the stock's upward momentum.
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