Solid Power (NASDAQ:SLDP) Shares Climb 5.1% - Time to Buy?

Key Points

• Solid Power shares rose 5.1% to about $2.39, although trading volume was 91% below the average session volume.
• Analyst views remain mixed: the consensus rating is “Hold” with a $6.92 target price, while Alliance Global Partners initiated coverage with a “Buy” rating and a $6.75 target.
• The company beat quarterly EPS estimates slightly, but reported only $0.27 million in revenue versus $1.55 million expected and continued to post significant losses. Institutional investors own 33.66% of the stock, with Dimensional Fund Advisors and State Street among recent buyers.

Shares of Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) rose 5.1% during mid-day trading on Wednesday. The stock traded as high as $2.35 and last traded at $2.3850. 439,203 shares were traded during trading, a decline of 91% from the average session volume of 5,045,222 shares. The stock had previously closed at $2.27.

Analysts Set New Price Targets

SLDP has been the topic of several recent research reports. Alliance Global Partners initiated coverage on Solid Power in a research report on Wednesday, June 10th. They set a "buy" rating and a $6.75 price objective on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Power in a research note on Friday, July 17th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $6.92.

Solid Power Stock Performance

The company has a market cap of $541.93 million, a PE ratio of -5.28 and a beta of 1.94. The business's 50-day moving average is $2.34 and its 200 day moving average is $2.74.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. The firm had revenue of ($0.27) million for the quarter, compared to analysts' expectations of $1.55 million. Solid Power had a negative return on equity of 19.69% and a negative net margin of 485.47%. Equities research analysts anticipate that Solid Power, Inc. will post -0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Power

Large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its holdings in shares of Solid Power by 87.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,618,519 shares of the company's stock worth $10,852,000 after purchasing an additional 1,683,866 shares during the last quarter. State Street Corp increased its stake in shares of Solid Power by 36.4% in the second quarter. State Street Corp now owns 5,787,916 shares of the company's stock worth $14,991,000 after buying an additional 1,544,134 shares during the period. Squarepoint Ops LLC bought a new stake in Solid Power during the 2nd quarter valued at $535,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Solid Power during the 2nd quarter valued at $393,000. Finally, Port Capital LLC purchased a new stake in Solid Power during the 2nd quarter valued at $51,000. 33.66% of the stock is owned by hedge funds and other institutional investors.

Solid Power Company Profile

Solid Power, Inc is a developer of solid-state rechargeable battery technology headquartered in Louisville, Colorado. The company focuses on batteries that use solid, sulfide-based electrolytes rather than the liquid electrolytes found in conventional lithium-ion batteries. Solid-state designs are intended to improve safety, energy density and performance while supporting more efficient battery-pack configurations.

Solid Power develops and produces solid electrolyte materials, battery cells and related manufacturing processes.

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