Solid Power (NASDAQ:SLDP) Sees Strong Trading Volume - Here's Why

Key Points

• Solid Power's stock experienced a significant increase in trading volume with 5,890,181 shares exchanged, marking a 7% rise from the previous session, although the stock price decreased to $4.04 from $4.58.
• Needham & Company raised their price target on Solid Power from $2.00 to $4.00, indicating optimism as one analyst has rated the stock a "buy" while the average rating remains "hold" at a target price of $2.50.
• The company reported a quarterly loss of ($0.14) EPS, missing estimates, but surpassed revenue expectations with $6.49 million, although it has a negative return on equity of 23.13% and a high market cap of $755.03 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 5,890,181 shares traded hands during mid-day trading, an increase of 7% from the previous session's volume of 5,529,896 shares.The stock last traded at $4.04 and had previously closed at $4.58.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC boosted their price objective on Solid Power from $2.00 to $4.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $2.50.

Solid Power Trading Up 10.6%

The stock has a market cap of $866.52 million, a P/E ratio of -9.19 and a beta of 1.80. The company has a 50 day simple moving average of $3.22 and a 200 day simple moving average of $1.93.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm had revenue of $6.49 million during the quarter, compared to the consensus estimate of $5.00 million. Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%.

Insider Buying and Selling

In other news, Director Steven H. Goldberg sold 82,365 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was 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 $192,468.96. This represents a 40.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lesa B. Roe sold 29,000 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $1.69, for a total value of $49,010.00. Following the sale, the director owned 239,049 shares in the company, valued at approximately $403,992.81. This represents a 10.82% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company's stock.

Institutional Investors Weigh In On Solid Power

A number of institutional investors and hedge funds have recently made changes to their positions in SLDP. Yaupon Capital Management LP raised its stake in shares of Solid Power by 709.1% during the 1st quarter. Yaupon Capital Management LP now owns 3,560,365 shares of the company's stock worth $3,738,000 after purchasing an additional 3,120,316 shares in the last quarter. Pure Financial Advisors LLC acquired a new position in shares of Solid Power during the 2nd quarter worth approximately $4,668,000. Nuveen LLC acquired a new position in shares of Solid Power during the 1st quarter worth approximately $590,000. Bridgeway Capital Management LLC acquired a new position in shares of Solid Power during the 4th quarter worth approximately $662,000. Finally, Invesco Ltd. increased its holdings in shares of Solid Power by 9.9% during the 4th quarter. Invesco Ltd. now owns 3,802,147 shares of the company's stock worth $7,186,000 after acquiring an additional 342,114 shares during the last quarter. Institutional investors own 33.66% of the company's stock.

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.