Solid Power, Inc. $SLDP Shares Purchased by State Street Corp

Key Points

• State Street increased its Solid Power stake by 36.4% in the second quarter, purchasing 1.54 million additional shares and bringing its holdings to 5.79 million shares, or about 2.54% of the company.
• Institutional ownership remains significant at 33.66%, with Dimensional Fund Advisors and Walleye Capital also substantially increasing their positions; several other funds opened or expanded stakes.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and a $6.92 price target. Solid Power recently posted a quarterly loss of $0.11 per share, while shares were trading near $2.39 against a $1.98–$8.86 one-year range.

State Street Corp grew its holdings in shares of Solid Power, Inc. (NASDAQ:SLDP - Free Report) by 36.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,787,916 shares of the company's stock after purchasing an additional 1,544,134 shares during the period. State Street Corp owned approximately 2.54% of Solid Power worth $14,991,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP raised its position in Solid Power by 87.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,618,519 shares of the company's stock worth $10,852,000 after acquiring an additional 1,683,866 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Solid Power by 4.9% during the 1st quarter. Bank of New York Mellon Corp now owns 450,866 shares of the company's stock worth $1,353,000 after purchasing an additional 21,117 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Solid Power during the 2nd quarter worth $535,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Solid Power in the 2nd quarter valued at about $393,000. Finally, Walleye Capital LLC increased its holdings in shares of Solid Power by 118.7% in the 1st quarter. Walleye Capital LLC now owns 67,190 shares of the company's stock valued at $202,000 after purchasing an additional 36,470 shares in the last quarter. 33.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Power in a research report on Friday, July 17th. Alliance Global Partners began coverage on Solid Power in a research report on Wednesday, June 10th. They set a "buy" rating and a $6.75 price objective for the company. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $6.92.

Solid Power Price Performance

Shares of SLDP stock opened at $2.39 on Friday. The firm has a market cap of $545.35 million, a P/E ratio of -5.31 and a beta of 1.94. Solid Power, Inc. has a 1-year low of $1.98 and a 1-year high of $8.86. The firm's 50-day simple moving average is $2.34 and its 200-day simple moving average is $2.76.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. Solid Power had a negative net margin of 485.47% and a negative return on equity of 19.69%. The firm had revenue of ($0.27) million during the quarter, compared to the consensus estimate of $1.55 million. Analysts expect that Solid Power, Inc. will post -0.39 earnings per share for the current fiscal year.

Solid Power Profile

Solid Power, Inc is a developer of solid-state rechargeable battery technology headquartered in Louisville, Colorado. The company focuses on batteries that use solid, sulfide-based electrolytes rather than the liquid electrolytes found in conventional lithium-ion batteries. Solid-state designs are intended to improve safety, energy density and performance while supporting more efficient battery-pack configurations.

Solid Power develops and produces solid electrolyte materials, battery cells and related manufacturing processes.

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