Solid Power (NASDAQ:SLDP) Hits New 12-Month High - Should You Buy?

Key Points

• Shares of Solid Power, Inc. (NASDAQ:SLDP) reached a new 12-month high of $5.90, closing at $5.95 with a significant trading volume of 19,128,679 shares.
• Analysts at Needham & Company upgraded the target price for Solid Power to $4.00 with a "buy" rating, contrasting with a "sell" rating from Weiss Ratings, resulting in a consensus rating of "Hold."
• Institutional investors have increased their stakes in Solid Power, with notable growth from Prudential Financial Inc., which raised its position by 69.7% in the second quarter.

Shares of Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $5.90 and last traded at $5.95, with a volume of 19128679 shares changing hands. The stock had previously closed at $4.32.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SLDP shares. Needham & Company LLC increased their target price on shares of Solid Power from $2.00 to $4.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of Solid Power in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $4.00.

Solid Power Trading Up 33.6%

The company's 50-day moving average is $4.03 and its 200 day moving average is $2.53. The firm has a market cap of $1.05 billion, a PE ratio of -11.10 and a beta of 1.77.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its earnings results 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). Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%. The business had revenue of $6.49 million during the quarter, compared to analysts' expectations of $5.00 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Prudential Financial Inc. grew its position in shares of Solid Power by 69.7% in the second quarter. Prudential Financial Inc. now owns 17,480 shares of the company's stock valued at $38,000 after purchasing an additional 7,180 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in shares of Solid Power by 9.0% during the second quarter. Osaic Holdings Inc. now owns 92,809 shares of the company's stock worth $203,000 after buying an additional 7,683 shares during the last quarter. Creative Planning acquired a new position in shares of Solid Power during the second quarter worth approximately $26,000. American Century Companies Inc. bought a new stake in shares of Solid Power in the second quarter valued at approximately $27,000. Finally, MetLife Investment Management LLC grew its stake in shares of Solid Power by 22.1% in the first quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock worth $77,000 after acquiring an additional 13,258 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.