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

Key Points

• Solid Power, Inc. experienced a 27% increase in trading volume, with 7,656,039 shares changing hands, while its stock price rose to $4.36.
• Needham & Company raised their price target for Solid Power from $2.00 to $4.00, giving the stock a "buy" rating and indicating strong market sentiment.
• Despite a revenue of $6.49 million for the recent quarter, Solid Power reported earnings per share of ($0.14), missing estimates and indicating ongoing financial challenges.

Shares of Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) saw an uptick in trading volume on Monday . 7,656,039 shares changed hands during trading, an increase of 27% from the previous session's volume of 6,008,573 shares.The stock last traded at $4.36 and had previously closed at $4.17.

Analyst Ratings Changes

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

Solid Power Stock Up 10.0%

The business has a 50-day moving average price of $3.97 and a 200-day moving average price of $2.33. The firm has a market capitalization of $831.17 million, a PE ratio of -8.80 and a beta of 1.82.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new stake in shares of Solid Power during the first quarter valued at $96,000. Bank of America Corp DE grew its position in shares of Solid Power by 14.8% during the fourth quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock worth $457,000 after buying an additional 31,203 shares in the last quarter. Millennium Management LLC raised its stake in shares of Solid Power by 21.2% in the 4th quarter. Millennium Management LLC now owns 1,401,680 shares of the company's stock valued at $2,649,000 after purchasing an additional 244,738 shares in the last quarter. Nuveen LLC bought a new stake in Solid Power during the first quarter valued at $590,000. Finally, Northern Trust Corp grew its holdings in shares of Solid Power by 7.4% during the fourth quarter. Northern Trust Corp now owns 1,283,424 shares of the company's stock valued at $2,426,000 after purchasing an additional 88,563 shares during the last quarter. 33.66% of the stock is owned by hedge funds and other institutional investors.

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.

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