Needham & Company LLC Reiterates Buy Rating for Solid Power (NASDAQ:SLDP)

Solid Power (NASDAQ:SLDP - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They presently have a $3.00 price target on the stock. Needham & Company LLC's price target indicates a potential upside of 72.41% from the stock's previous close.

Several other analysts have also commented on SLDP. DA Davidson reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Solid Power in a research note on Tuesday, March 5th. Chardan Capital reaffirmed a "buy" rating and set a $5.00 price target on shares of Solid Power in a report on Wednesday, February 28th.

Solid Power Stock Down 2.8 %

NASDAQ SLDP traded down $0.05 during midday trading on Wednesday, hitting $1.74. The company had a trading volume of 2,279,503 shares, compared to its average volume of 3,278,103. The firm has a fifty day simple moving average of $1.67 and a two-hundred day simple moving average of $1.53. The stock has a market cap of $315.10 million, a price-to-earnings ratio of -4.70 and a beta of 1.79. Solid Power has a fifty-two week low of $1.10 and a fifty-two week high of $3.20.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.11). The business had revenue of $2.35 million for the quarter, compared to analysts' expectations of $4.14 million. Solid Power had a negative return on equity of 12.55% and a negative net margin of 376.47%. As a group, equities analysts predict that Solid Power will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Joshua Buettner-Garrett sold 187,500 shares of the stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $1.86, for a total transaction of $348,750.00. Following the completion of the sale, the chief technology officer now owns 692,993 shares of the company's stock, valued at $1,288,966.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Solid Power

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in shares of Solid Power during the 3rd quarter worth $108,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Solid Power by 46.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,031 shares of the company's stock valued at $57,000 after buying an additional 8,942 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Solid Power in the 3rd quarter worth approximately $72,000. Arizona State Retirement System boosted its position in Solid Power by 25.0% during the third quarter. Arizona State Retirement System now owns 40,507 shares of the company's stock valued at $82,000 after acquiring an additional 8,098 shares during the last quarter. Finally, Western Wealth Management LLC boosted its position in shares of Solid Power by 158.5% during the 3rd quarter. Western Wealth Management LLC now owns 33,838 shares of the company's stock valued at $68,000 after purchasing an additional 20,750 shares in the last quarter. 33.66% of the stock is currently owned by institutional investors and hedge funds.

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.