HYLN - Why Hyliion Stock Popped 15% Early Today
Hyliion Holdings (NYSE: HYLN) reported its first-quarter update yesterday, and the stock reacted sharply this morning. Shares of the maker of hybrid and fully electric solutions for Class 8 heavy trucks popped 15% in early trading today.
But just as the overall market gave back its early gains, so did Hyliion stock. As of 1:55 p.m. ET, Hyliion shares were still up 6.2%.
In its first-quarter report, the company reiterated its 2022 revenue projection and said its backlog of deposit-backed orders for its fully electric drivetrain soared 70% sequentially over the fourth quarter of 2021. Revenue from sales of its hybrid platform also jumped 70%, compared to the prior quarter.
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Why Hyliion Stock Popped 15% Early Today