Amprius Technologies (NYSE:AMPX) Stock Price Down 13.5% – Here’s Why

Shares of Amprius Technologies, Inc. (NYSE:AMPX) dropped 13.5% during mid-day trading on Thursday . The stock traded as low as $10.62 and last traded at $11.28. Approximately 13,190,316 shares were traded during mid-day trading, an increase of 117% from the average daily volume of 6,073,991 shares. The stock had previously closed at $13.04.

Analyst Ratings Changes

AMPX has been the topic of several analyst reports. William Blair raised Amprius Technologies from a “market perform” rating to an “outperform” rating in a research report on Friday, July 18th. B. Riley increased their price target on Amprius Technologies from $10.00 to $11.00 and gave the company a “buy” rating in a report on Friday, August 8th. HC Wainwright reissued a “buy” rating and set a $18.00 price target (up from $10.00) on shares of Amprius Technologies in a report on Friday, August 8th. Northland Securities set a $20.00 price target on Amprius Technologies in a report on Tuesday, October 7th. Finally, Cantor Fitzgerald increased their price target on Amprius Technologies from $10.00 to $12.00 and gave the company an “overweight” rating in a report on Friday, August 8th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.71.

Amprius Technologies Stock Performance

The firm has a fifty day moving average price of $10.96 and a two-hundred day moving average price of $6.95. The stock has a market capitalization of $1.41 billion, a P/E ratio of -34.18 and a beta of 2.87.

Amprius Technologies (NYSE:AMPX) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03. The firm had revenue of $15.07 million for the quarter, compared to analysts’ expectations of $12.38 million. Amprius Technologies had a negative return on equity of 55.79% and a negative net margin of 84.77%. On average, research analysts anticipate that Amprius Technologies, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at Amprius Technologies

In other news, CEO Kang Sun sold 65,654 shares of the company’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $6.82, for a total value of $447,760.28. Following the completion of the sale, the chief executive officer directly owned 1,472,306 shares in the company, valued at $10,041,126.92. This represents a 4.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Sandra Wallach sold 28,390 shares of the company’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $6.82, for a total value of $193,619.80. Following the completion of the sale, the chief financial officer owned 1,005,275 shares of the company’s stock, valued at $6,855,975.50. This trade represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 113,203 shares of company stock worth $772,044 in the last three months. Corporate insiders own 12.90% of the company’s stock.

Institutional Investors Weigh In On Amprius Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of Amprius Technologies by 31.1% in the 4th quarter. Bank of America Corp DE now owns 12,890 shares of the company’s stock worth $36,000 after purchasing an additional 3,055 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Amprius Technologies in the 1st quarter worth $40,000. Ameritas Investment Partners Inc. increased its stake in Amprius Technologies by 2,043.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,516 shares of the company’s stock worth $40,000 after buying an additional 9,072 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Amprius Technologies in the 2nd quarter worth $42,000. Finally, Rhumbline Advisers increased its stake in Amprius Technologies by 61.1% in the 1st quarter. Rhumbline Advisers now owns 15,690 shares of the company’s stock worth $42,000 after buying an additional 5,951 shares in the last quarter. 5.04% of the stock is currently owned by hedge funds and other institutional investors.

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.