Solid Power (NASDAQ:SLDP) Sees Unusually-High Trading Volume After Analyst Upgrade

Key Points

• Solid Power's stock surged in trading volume by 62% to 8.35 million shares after Needham & Company upgraded its price target from $2.00 to $4.00, currently trading at $4.25.
• Insider trading showed directors Lesa B. Roe and Steven H. Goldberg significantly reducing their stakes, with Roe selling 29,000 shares and Goldberg 82,365 shares.
• Institutional investors hold 33.66% of Solid Power's stock, with recent purchases from firms like BNP Paribas and Raymond James Financial.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) saw an uptick in trading volume on Thursday after Needham & Company LLC raised their price target on the stock from $2.00 to $4.00. Needham & Company LLC currently has a buy rating on the stock. 8,349,759 shares were traded during mid-day trading, an increase of 62% from the previous session's volume of 5,140,384 shares.The stock last traded at $4.25 and had previously closed at $3.43.

Insider Buying and Selling

In related news, Director Steven H. Goldberg sold 82,365 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $1.62, for a total transaction of $133,431.30. Following the sale, the director owned 118,808 shares in the company, valued at approximately $192,468.96. This trade represents a 40.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lesa B. Roe sold 29,000 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $1.69, for a total transaction of $49,010.00. Following the transaction, the director owned 239,049 shares in the company, valued at $403,992.81. The trade was a 10.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Solid Power

Institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning purchased a new stake in shares of Solid Power in the 2nd quarter valued at approximately $26,000. MetLife Investment Management LLC increased its holdings in shares of Solid Power by 22.1% in the 1st quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock valued at $77,000 after purchasing an additional 13,258 shares in the last quarter. ProShare Advisors LLC increased its holdings in Solid Power by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 43,589 shares of the company's stock valued at $82,000 after acquiring an additional 14,655 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Solid Power by 31.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 67,987 shares of the company's stock valued at $129,000 after acquiring an additional 16,105 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Solid Power by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 395,414 shares of the company's stock worth $415,000 after buying an additional 17,225 shares in the last quarter. 33.66% of the stock is owned by hedge funds and other institutional investors.

Solid Power Price Performance

The firm has a market capitalization of $701.30 million, a price-to-earnings ratio of -7.52 and a beta of 1.80. The company's 50-day moving average is $2.69 and its 200-day moving average is $1.74.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.00 million.

Solid Power Company Profile

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.