Solid Power (NASDAQ:SLDP) Hits New 12-Month Low - Should You Sell?

Key Points

• Solid Power shares hit a new 52-week low of $2.14 intraday, extending a recent slide as the stock traded around $2.15 and was down 7.7% on the day.
• Analyst sentiment is mixed: Needham and Alliance Global Partners still rate the stock a Buy with targets near $7, while Weiss Ratings says Sell; the consensus rating is currently Hold with a $6.92 average target.
• The company’s latest quarter showed a narrower-than-expected loss of $0.06 per share, but revenue missed estimates, and Solid Power continues to post weak profitability metrics with analysts expecting a -$0.44 EPS for the year.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $2.14 and last traded at $2.15, with a volume of 4448502 shares traded. The stock had previously closed at $2.33.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Needham & Company LLC reissued a "buy" rating and issued a $7.00 price objective on shares of Solid Power in a research note on Wednesday, May 6th. Alliance Global Partners started coverage on shares of Solid Power in a research note on Wednesday, June 10th. They set a "buy" rating and a $6.75 target price on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Power in a report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $6.92.

Solid Power Stock Down 7.7%

The stock has a fifty day moving average of $2.76 and a 200-day moving average of $3.43.

Solid Power (NASDAQ:SLDP - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.06. The company had revenue of $3.07 million for the quarter, compared to the consensus estimate of $3.33 million. Solid Power had a negative return on equity of 21.57% and a negative net margin of 485.47%. As a group, research analysts anticipate that Solid Power, Inc. will post -0.44 EPS for the current year.

Insider Buying and Selling at Solid Power

In related news, Director Lesa B. Roe sold 39,207 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $2.66, for a total value of $104,290.62. Following the sale, the director owned 243,975 shares of the company's stock, valued at $648,973.50. This trade represents a 13.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Solid Power

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in Solid Power by 3,974.6% during the 3rd quarter. Bank of America Corp DE now owns 6,495,146 shares of the company's stock worth $22,538,000 after buying an additional 6,335,739 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Solid Power by 5,305.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,934,653 shares of the company's stock valued at $8,222,000 after acquiring an additional 1,898,859 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Solid Power during the 4th quarter worth about $7,810,000. Vanguard Group Inc. raised its position in shares of Solid Power by 15.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company's stock worth $32,760,000 after acquiring an additional 1,278,324 shares in the last quarter. Finally, State Street Corp lifted its stake in Solid Power by 25.9% during the fourth quarter. State Street Corp now owns 4,077,239 shares of the company's stock worth $17,328,000 after purchasing an additional 839,471 shares during the last quarter. 33.66% of the stock is owned by hedge funds and other institutional investors.

About Solid Power

Solid Power, Inc NASDAQ: SLDP is a Colorado-based company specializing in the development and manufacturing of all-solid-state rechargeable battery cells for the electric vehicle (EV) and aerospace industries. Founded in 2012 as a spin-out from the University of Colorado Boulder, Solid Power has focused on advancing solid electrolytes and high-energy battery architectures to deliver improved safety, higher energy density and longer cycle life compared with traditional lithium-ion batteries.

The company's core offerings include multilayer solid-state battery cells that utilize sulfide-based solid electrolytes and high-capacity cathode materials.

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