Solid Power (NASDAQ:SLDP) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• Solid Power reported quarterly EPS of ($0.14), surpassing analysts' expectations of ($0.17) by $0.03 despite a substantial negative net margin of 412.62%.
• Following the earnings announcement, Solid Power's stock fell by 12.6%, trading at $5.61 with a market cap of $1.02 billion.
• Analysts maintain a consensus rating of "Hold" on the stock, with one analyst giving a "Buy" rating and another issuing a "Sell" rating, reflecting divided opinions on its outlook.

Solid Power (NASDAQ:SLDP - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.03, Zacks reports. Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%.

Solid Power Stock Down 12.6%

Shares of NASDAQ:SLDP traded down $0.81 during trading on Tuesday, hitting $5.61. 13,751,053 shares of the company were exchanged, compared to its average volume of 7,463,527. Solid Power has a 1-year low of $0.68 and a 1-year high of $8.05. The company has a market capitalization of $1.02 billion, a P/E ratio of -10.79 and a beta of 1.85. The business's 50 day moving average is $4.88 and its 200-day moving average is $3.28.

Analyst Ratings Changes

A number of brokerages have weighed in on SLDP. Needham & Company LLC raised their target price on Solid Power from $2.00 to $4.00 and gave the company 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 report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $4.00.

Institutional Trading of Solid Power

A number of hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its holdings in shares of Solid Power by 12.7% during the first quarter. Goldman Sachs Group Inc. now owns 894,120 shares of the company's stock worth $939,000 after purchasing an additional 100,939 shares during the last quarter. Creative Planning acquired a new stake in Solid Power during the 2nd quarter worth approximately $26,000. American Century Companies Inc. bought a new stake in Solid Power during the 2nd quarter worth approximately $27,000. Prudential Financial Inc. grew its holdings in Solid Power by 69.7% during the 2nd quarter. Prudential Financial Inc. now owns 17,480 shares of the company's stock worth $38,000 after acquiring an additional 7,180 shares during the last quarter. Finally, Brown Advisory Inc. acquired a new position in Solid Power in the 2nd quarter valued at approximately $33,000. 33.66% of the stock is 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.

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