Hyliion Holdings (NYSE:HYLN) stock is taking a beating on Monday and it’s thanks to an analyst weighing in on the electric vehicle (EV) company.
This comes from UBS analyst Steven Fisher. He downgraded shares of HYLN stock from a neutral rating to the new sell rating. For some perspective, the current analyst consensus rating for the stock is hold.
In addition to that, Fisher includes a new price target for shares of HYLN stock. That new price target is $5 per share, which is a massive decrease from the previous price target of $14 per share. That’s also well below the analyst consensus price target of $16.20 per share.
So why is the UBS analyst taking such a bearish stance on HYLN stock? Fisher isn’t expecting the company to perform well in the next few years. That includes predictions that the company will miss its revenue estimates from 2022 through 2024.
Investors are reacting to today’s analyst update with heavy trading of HYLN stock. As of this writing, nearly 9 million shares of the stock have changed hands. That’s well above the company’s daily average trading volume of about 2.5 million shares.
HYLN stock was down 10.9% as of Monday afternoon and is down 54.6% since the start of the year.
There’s more recent stock market news for investors to dive into below!
We’ve got all the latest stock coverage that traders need to know about for Monday. That includes what’s happening with Daqo New Energy (NYSE:DQ) shares, what has solar stocks soaring, as well as Gamestop (NYSE:GME) stock running higher on a meme rally. You can get all of those details from the following links!
More Monday Stock Market News
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- GME Stock: What GameStop Investors Are Saying About the Mega Meme Stock as Shares Surge Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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