HYLN - Why Hyliion Shares Jumped Monday
2023-09-18 12:34:06 ET
Owners of Hyliion (NYSE: HYLN) stock haven't had a good year. Shares of the provider of electrified powertrain solutions for Class 8 semitrucks have lost more than 40% so far in 2023.
But shares are soaring today thanks to a key development for the company and its much larger partner Cummins (NYSE: CMI) . Shares jumped as much as 18.5% Monday morning, and were still higher by 15.6% as of 11:50 a.m. ET.
The stock's year-to-date performance isn't overly surprising considering the company only expects to generate $10 million in revenue for the full year. But Hyliion hopes revenue will grow quickly once it is able to commercialize its Hypertruck ERX powertrain offering. Today it announced a key step toward that commercialization.
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Why Hyliion Shares Jumped Monday