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

Key Points

• Solid Power, Inc. (NASDAQ:SLDP) experienced a 9% increase in trading volume, with over 7.1 million shares traded, while the stock price rose to $5.88 from a previous close of $5.77.
• Analysts have varying opinions on Solid Power, with Needham & Company upgrading its price target to $4.00 while Weiss Ratings maintains a "sell" rating, resulting in a consensus rating of "Hold."
• The company reported a quarterly loss of ($0.14) EPS, missing expectations, but exceeded revenue forecasts with $6.49 million for the quarter.

Shares of Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) saw an uptick in trading volume on Tuesday . 7,139,906 shares were traded during mid-day trading, an increase of 9% from the previous session's volume of 6,571,465 shares.The stock last traded at $5.88 and had previously closed at $5.77.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SLDP. Needham & Company LLC lifted their price objective on shares of Solid Power from $2.00 to $4.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of Solid Power in a research note on Saturday, September 27th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Solid Power presently has a consensus rating of "Hold" and a consensus price target of $4.00.

Solid Power Trading Down 1.8%

The stock has a market capitalization of $1.03 billion, a PE ratio of -10.83 and a beta of 1.77. The stock's fifty day simple moving average is $4.07 and its 200-day simple moving average is $2.56.

Solid Power (NASDAQ:SLDP - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). The firm had revenue of $6.49 million for 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%.

Hedge Funds Weigh In On Solid Power

A number of hedge funds have recently bought and sold shares of SLDP. Bank of America Corp DE boosted its holdings in Solid Power by 14.8% during the 4th quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock worth $457,000 after acquiring an additional 31,203 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Solid Power by 4.6% in the 1st 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 during the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Solid Power by 318.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 44,392 shares of the company's stock worth $47,000 after buying an additional 33,776 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Solid Power by 4.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,214,995 shares of the company's stock worth $1,276,000 after buying an additional 51,434 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Solid Power in the 1st quarter worth about $96,000. 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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