Invesco Ltd. Reduces Position in 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. lessened its stake in shares of Solid Power, Inc. (NASDAQ:SLDP - Free Report) by 4.8% in the 1st quarter, according to its most recent 13F filing 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 1.99% of Solid Power worth $3,802,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in shares of Solid Power during the 4th quarter valued at about $34,000. Raymond James Financial Inc. bought a new position in shares of Solid Power during the 4th quarter valued at about $40,000. SBI Securities Co. Ltd. boosted its holdings in shares of Solid Power by 318.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 44,392 shares of the company's stock valued at $47,000 after purchasing an additional 33,776 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Solid Power by 50.6% in the 4th quarter. ProShare Advisors LLC now owns 43,589 shares of the company's stock valued at $82,000 after acquiring an additional 14,655 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in shares of Solid Power by 63.0% in the 4th quarter. MetLife Investment Management LLC now owns 59,926 shares of the company's stock valued at $113,000 after acquiring an additional 23,163 shares during the last quarter. Institutional investors own 33.66% of the company's stock.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC increased their price target 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 investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $2.50.

Solid Power Stock Performance

NASDAQ SLDP traded down $0.24 during trading on Friday, hitting $4.33. The stock had a trading volume of 8,916,287 shares, compared to its average volume of 10,355,753. The stock has a market capitalization of $784.94 million, a price-to-earnings ratio of -8.33 and a beta of 1.80. Solid Power, Inc. has a one year low of $0.68 and a one year high of $5.62. The stock has a 50 day simple moving average of $3.48 and a 200 day simple moving average of $2.05.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm 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.