Shares of Hyliion Holdings (NYSE: HYLN) closed 12% lower on Monday after an analyst downgrade. The stock is trading below $7 a share -- 88% off the high price of more than $55 it hit in September of last year.
Let's take a closer look at Hyliion to understand whether the stock's steep fall presents a buying opportunity.
Battery-powered cars are becoming increasingly popular thanks to reduced costs and improved battery efficiency. However, lithium-ion batteries tend to be bulky for heavy vehicles that require more power. This currently makes them unsuitable for heavy vehicles. Hyliion hopes to offer a solution to this problem.
Source Fool.com