Solid Power (NASDAQ:SLDP) Sees Large Volume Increase 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.

Shares of 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 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 Lesa B. Roe sold 29,000 shares of Solid Power stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $1.69, for a total value of $49,010.00. Following the completion of the sale, the director directly owned 239,049 shares in the company, valued at approximately $403,992.81. This trade represents a 10.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven H. Goldberg sold 82,365 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at $192,468.96. This trade represents a 40.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.90% of the company's stock.

Institutional Trading of Solid Power

A number of institutional investors and hedge funds have recently bought and sold shares of SLDP. BNP Paribas Financial Markets purchased a new position in shares of Solid Power during the fourth quarter valued at approximately $34,000. Raymond James Financial Inc. bought a new position in shares of Solid Power in the 4th quarter worth $40,000. Gainplan LLC purchased a new position in shares of Solid Power in the 2nd quarter worth approximately $46,000. SBI Securities Co. Ltd. raised its stake in shares of Solid Power by 318.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 44,392 shares of the company's stock worth $47,000 after acquiring an additional 33,776 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in Solid Power by 22.1% during the first quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock valued at $77,000 after acquiring an additional 13,258 shares during the last quarter. 33.66% of the stock is currently owned by institutional investors.

Solid Power Stock Up 30.8%

The company has a market capitalization of $804.43 million, a price-to-earnings ratio of -8.77 and a beta of 1.80. The company's 50 day simple moving average is $2.53 and its two-hundred day simple moving average is $1.69.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.06. The firm had revenue of $6.02 million during the quarter, compared to analysts' expectations of $5.00 million. Solid Power had a negative return on equity of 21.24% and a negative net margin of 447.80%.

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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