Shares of Amprius Technologies, Inc. (NYSE: AMPX) climbed by 2.5% during trading on Friday, reaching a high of $9.60 before closing at $9.4750. This uptick comes as the company experiences increased interest from analysts, with over 6.2 million shares changing hands, reflecting a slight rise from the average session volume of 6.18 million shares. The stock had previously closed at $9.24.
Analysts Offer Positive Outlook
Several equities analysts have recently provided insights on Amprius Technologies. On October 22, 2023, Roth Capital issued a target price of $14.00 and assigned a “buy” rating. Following closely, Northland Securities set a target price of $20.00 on October 7, 2023. Additionally, Cantor Fitzgerald raised its price objective from $12.00 to $16.00, while maintaining an “overweight” rating in a report dated November 7, 2023. Oppenheimer also reiterated an “outperform” rating, setting a price target of $17.00 on December 23, 2023. In contrast, Weiss Ratings reaffirmed a “sell (e+)” rating on October 8, 2023. Overall, eight analysts have rated the stock as a buy, while one has issued a sell rating, resulting in a consensus rating of “Moderate Buy” and an average price target of $14.57 according to MarketBeat.com.
Recent Financial Performance
Amprius Technologies reported its latest earnings on November 6, 2023. The company achieved an earnings per share (EPS) of ($0.03), exceeding the consensus estimate of ($0.06) by $0.03. The firm generated revenue of $21.43 million, surpassing analysts’ expectations of $16.45 million. Despite these positive results, the company recorded a negative return on equity of 38.85% and a negative net margin of 53.16%. Analysts project that Amprius will post an EPS of ($0.45) for the current fiscal year.
Insider Transactions Raise Questions
In other developments, insider trading activity has caught attention. On December 11, 2023, Chief Technology Officer Constantin Ionel Stefan sold 198,255 shares at an average price of $10.51, totaling approximately $2.08 million. This sale reduced his ownership by 20.94%, leaving him with 748,696 shares valued at around $7.87 million.
Similarly, Chief Executive Officer Kang Sun sold 1,000,000 shares on November 17, 2023, at an average price of $10.60, amounting to $10.6 million. After this transaction, Sun retained 1,472,306 shares worth about $15.61 million, marking a decrease of 40.45% in his holdings. Over the past 90 days, insiders have sold a total of 1,291,934 shares, valued at $13.63 million, while corporate insiders hold 12.90% of the company’s stock.
Institutional Interest Grows
Recent changes in institutional ownership indicate a growing interest in Amprius Technologies. Bank of America Corp DE increased its holdings by 31.1% in the fourth quarter, now owning 12,890 shares valued at $36,000. Ameritas Investment Partners Inc. significantly expanded its stake by 2,043.2% in the second quarter, acquiring 9,516 shares worth $40,000. Other institutional investors, including Thurston Springer Miller Herd & Titak Inc. and Quarry LP, have also recently established positions in the company, each valued at approximately $42,000. Institutional investors collectively own 5.04% of the stock.
Company Overview
Amprius Technologies, Inc., based in the United States, is at the forefront of developing high-energy-density lithium-ion batteries that utilize innovative silicon anode technology. These batteries are engineered to provide superior performance compared to traditional graphite-based cells, offering industry-leading gravimetric energy density that enhances run times while reducing weight in portable applications. The company’s product lineup features cylindrical and prismatic cells, employing a proprietary silicon nanowire anode that supports rapid charge and discharge rates while maintaining longevity.
As the landscape of battery technology evolves, Amprius Technologies continues to position itself as a key player, driving advancements that may redefine energy storage solutions in various sectors.
