Solid Power (NASDAQ:SLDP) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

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 - Free Report) had its price objective upped by Needham & Company LLC from $2.00 to $4.00 in a report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Solid Power Stock Performance

Shares of SLDP stock traded up $0.01 on Thursday, hitting $3.91. The company's stock had a trading volume of 8,356,075 shares, compared to its average volume of 14,905,622. The stock's 50 day moving average is $2.69 and its 200-day moving average is $1.74. Solid Power has a fifty-two week low of $0.68 and a fifty-two week high of $4.77. The company has a market capitalization of $701.30 million, a PE ratio of -7.52 and a beta of 1.80.

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 analysts' consensus estimates of ($0.12) by ($0.02). The firm had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.00 million. Solid Power had a negative return on equity of 23.13% and a negative net margin of 412.62%.

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 shares were sold at an average price of $1.62, for a total transaction of $133,431.30. Following the sale, the director directly owned 118,808 shares in the company, valued at $192,468.96. This represents a 40.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lesa B. Roe sold 29,000 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $1.69, for a total transaction of $49,010.00. Following the sale, the director owned 239,049 shares in the company, valued at $403,992.81. The trade was a 10.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Solid Power

A number of large investors have recently bought and sold shares of the company. Creative Planning acquired a new stake in shares of Solid Power in the 2nd quarter valued at approximately $26,000. MetLife Investment Management LLC boosted its stake in shares of Solid Power by 22.1% in the 1st quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock valued at $77,000 after purchasing an additional 13,258 shares in the last quarter. ProShare Advisors LLC boosted its stake 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 purchasing an additional 14,655 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Solid Power by 31.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 67,987 shares of the company's stock valued at $129,000 after purchasing an additional 16,105 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Solid Power by 4.6% in the 1st quarter. Bank of New York Mellon Corp now owns 395,414 shares of the company's stock valued at $415,000 after purchasing an additional 17,225 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.