Needham & Company LLC Forecasts Strong Price Appreciation for Solid Power (NASDAQ:SLDP) Stock

Key Points

• Needham & Company LLC raised its target price for Solid Power (NASDAQ:SLDP) from $2.00 to $4.00, indicating a "buy" rating despite a potential downside of 7.51% from its current price.
• Solid Power's stock increased by 26.1%, closing at $4.33, with a significant trading volume of over 18 million shares exchanged on the day.
• Despite achieving revenue of $6.02 million in its latest quarterly earnings, Solid Power reported a negative net margin of 447.80% and earnings per share of ($0.08), surpassing analysts' expectations of ($0.14).

Solid Power (NASDAQ:SLDP - Get Free Report) had its target price hoisted by investment analysts at Needham & Company LLC from $2.00 to $4.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential downside of 7.51% from the stock's current price.

Solid Power Trading Up 26.1%

Solid Power stock traded up $0.90 on Thursday, reaching $4.33. 18,729,549 shares of the stock were exchanged, compared to its average volume of 5,224,769. The firm has a fifty day moving average price of $2.53 and a two-hundred day moving average price of $1.69. The stock has a market cap of $775.73 million, a PE ratio of -8.50 and a beta of 1.80. Solid Power has a twelve month low of $0.68 and a twelve month high of $4.77.

Solid Power (NASDAQ:SLDP - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.06. Solid Power had a negative net margin of 447.80% and a negative return on equity of 21.24%. The firm had revenue of $6.02 million for the quarter, compared to the consensus estimate of $5.00 million.

Insider Transactions at Solid Power

In other Solid Power news, Director Steven H. Goldberg sold 82,365 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1.62, for a total value of $133,431.30. Following the transaction, the director owned 118,808 shares of the company's stock, valued at approximately $192,468.96. This represents a 40.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lesa B. Roe sold 29,000 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $1.69, for a total transaction of $49,010.00. Following the completion of the sale, the director owned 239,049 shares of the company's stock, valued at approximately $403,992.81. This represents a 10.82% decrease in their position. The disclosure for this sale can be found here. 4.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Solid Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its holdings in shares of Solid Power by 14.8% in the fourth quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock valued at $457,000 after purchasing an additional 31,203 shares during the last quarter. Vanguard Group Inc. increased its stake in Solid Power by 12.3% in the 4th quarter. Vanguard Group Inc. now owns 8,353,470 shares of the company's stock valued at $15,788,000 after buying an additional 912,649 shares during the last quarter. Millennium Management LLC lifted its position in Solid Power by 21.2% during the 4th quarter. Millennium Management LLC now owns 1,401,680 shares of the company's stock worth $2,649,000 after buying an additional 244,738 shares in the last quarter. Bridgeway Capital Management LLC bought a new position in shares of Solid Power in the 4th quarter valued at about $662,000. Finally, Northern Trust Corp increased its position 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 during the last quarter. Institutional investors and hedge funds own 33.66% of the company's stock.

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.

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