Solid Power (NASDAQ:SLDP) Sees Strong Trading Volume - What's Next?

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) saw unusually-strong trading volume on Tuesday . Approximately 5,890,181 shares changed hands during 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.

Analyst Upgrades and Downgrades

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

Solid Power Price Performance

The company has a market capitalization of $866.52 million, a PE ratio of -9.19 and a beta of 1.80. The company has a 50 day moving average of $3.22 and a two-hundred day moving average of $1.94.

Solid Power (NASDAQ:SLDP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share 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 analysts' expectations of $5.00 million. Solid Power had a negative return on equity of 23.13% and a negative net margin of 412.62%.

Insider Buying and Selling at Solid Power

In related news, Director Lesa B. Roe sold 29,000 shares of the company's stock in a transaction 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 directly owned 239,049 shares of the company's stock, valued at $403,992.81. This represents a 10.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven H. Goldberg sold 82,365 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1.62, for a total value of $133,431.30. Following the completion of the sale, the director directly owned 118,808 shares in the company, valued at approximately $192,468.96. The trade was a 40.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Solid Power

Several hedge funds have recently added to or reduced their stakes in SLDP. Creative Planning bought a new stake in Solid Power in the second quarter worth $26,000. American Century Companies Inc. bought a new stake in Solid Power in the second quarter worth $27,000. Corient Private Wealth LLC bought a new stake in Solid Power in the second quarter worth $31,000. Brown Advisory Inc. bought a new stake in Solid Power in the second quarter worth $33,000. Finally, BNP Paribas Financial Markets bought a new stake in Solid Power in the fourth quarter worth $34,000. 33.66% of the stock is owned by institutional investors.

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.