Invesco Ltd. Sells 181,343 Shares of Solid Power, Inc. $SLDP

Key Points

• Invesco Ltd. reduced its stake in Solid Power, Inc. by 4.8% in Q1, now holding 3,620,804 shares valued at $3.8 million.
• The company's share price opened at $4.57 and reported a revenue of $6.49 million for the last quarter, missing earnings expectations.
• Needham & Company has raised its target price for Solid Power from $2.00 to $4.00, maintaining a "buy" rating, while the average target price is currently $2.50.

Invesco Ltd. cut its holdings in Solid Power, Inc. (NASDAQ:SLDP - Free Report) by 4.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,620,804 shares of the company's stock after selling 181,343 shares during the period. Invesco Ltd. owned about 1.99% of Solid Power worth $3,802,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SLDP. Bank of America Corp DE increased its holdings in Solid Power by 14.8% during the fourth quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock worth $457,000 after buying an additional 31,203 shares during the last quarter. Millennium Management LLC grew its stake in shares of Solid Power by 21.2% in the fourth quarter. Millennium Management LLC now owns 1,401,680 shares of the company's stock valued at $2,649,000 after acquiring an additional 244,738 shares in the last quarter. Bridgeway Capital Management LLC acquired a new position in shares of Solid Power in the fourth quarter valued at about $662,000. Northern Trust Corp grew its stake in shares of Solid Power by 7.4% in the fourth quarter. Northern Trust Corp now owns 1,283,424 shares of the company's stock valued at $2,426,000 after acquiring an additional 88,563 shares in the last quarter. Finally, Barclays PLC grew its stake in Solid Power by 16.0% during the fourth quarter. Barclays PLC now owns 232,783 shares of the company's stock worth $440,000 after buying an additional 32,164 shares in the last quarter. 33.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC raised their target price on shares of Solid Power from $2.00 to $4.00 and gave the company a "buy" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Solid Power has an average rating of "Hold" and a consensus price target of $2.50.

Solid Power Stock Down 3.4%

Shares of SLDP stock traded down $0.14 on Wednesday, reaching $3.93. The company had a trading volume of 7,074,172 shares, compared to its average volume of 9,973,920. The stock has a market capitalization of $712.43 million, a PE ratio of -7.56 and a beta of 1.83. Solid Power, Inc. has a one year low of $0.68 and a one year high of $5.62. The business's 50-day moving average is $3.62 and its 200 day moving average is $2.10.

Solid Power (NASDAQ:SLDP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). The company had revenue of $6.49 million during the quarter, compared to the consensus estimate of $5.00 million. Solid Power had a negative return on equity of 23.13% and a negative net margin of 412.62%.

About Solid Power

Solid Power, Inc develops solid state battery technologies for the electric vehicles (EV) and other markets in the United States. The company sells its sulfide-based solid electrolyte; and licenses its solid-state cell designs and manufacturing processes. It also produces and sells 0.2, 2, 20 ampere-hour (Ah), and EV cells.