Solid Power (NASDAQ:SLDP) Receives "Buy" Rating from Needham & Company LLC

Key Points

• Needham & Company reissued a "Buy" on Solid Power with a $7 price target, implying roughly a 99% upside from the recent close.
• Analyst coverage is mixed—two Buys, one Hold and one Sell—resulting in a MarketBeat consensus of Hold and an average target of $7; SLDP trades around $3.51 with a market cap near $774 million.
• Solid Power beat Q1 EPS estimates (reported ($0.06) vs. est. ($0.12)) but missed revenue expectations ($3.07M vs. $3.33M) and remains unprofitable with significantly negative margins.

Solid Power (NASDAQ:SLDP - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $7.00 target price on the stock. Needham & Company LLC's price target would suggest a potential upside of 99.43% from the company's previous close.

A number of other analysts have also recently weighed in on the stock. HC Wainwright assumed coverage on shares of Solid Power in a research note on Monday, March 16th. They issued a "buy" rating and a $7.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Solid Power in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded shares of Solid Power to a "hold" rating in a research note on Tuesday, March 17th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Solid Power presently has a consensus rating of "Hold" and an average target price of $7.00.

Solid Power Stock Up 1.4%

SLDP stock opened at $3.51 on Wednesday. The company has a market capitalization of $774.24 million, a price-to-earnings ratio of -7.02 and a beta of 1.91. Solid Power has a 12 month low of $1.11 and a 12 month high of $8.86. The firm has a 50 day moving average of $3.25 and a two-hundred day moving average of $4.47.

Solid Power (NASDAQ:SLDP - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.06. Solid Power had a negative net margin of 429.54% and a negative return on equity of 23.88%. The business had revenue of $3.07 million during the quarter, compared to analysts' expectations of $3.33 million. On average, research analysts expect that Solid Power will post -0.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Power

Several large investors have recently bought and sold shares of the stock. Engineers Gate Manager LP raised its stake in Solid Power by 4.4% during the 4th quarter. Engineers Gate Manager LP now owns 100,896 shares of the company's stock valued at $429,000 after purchasing an additional 4,220 shares during the last quarter. Allworth Financial LP raised its stake in Solid Power by 82.6% during the 4th quarter. Allworth Financial LP now owns 11,246 shares of the company's stock valued at $48,000 after purchasing an additional 5,087 shares during the last quarter. LPL Financial LLC raised its stake in Solid Power by 22.0% during the 4th quarter. LPL Financial LLC now owns 30,289 shares of the company's stock valued at $129,000 after purchasing an additional 5,461 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in Solid Power by 17.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company's stock valued at $131,000 after purchasing an additional 5,526 shares during the last quarter. Finally, Spire Wealth Management raised its stake in Solid Power by 141.8% during the 4th quarter. Spire Wealth Management now owns 10,879 shares of the company's stock valued at $46,000 after purchasing an additional 6,379 shares during the last quarter. 33.66% of the stock is currently owned by institutional investors and hedge funds.

Solid Power Company Profile

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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