Solid Power (NASDAQ:SLDP) Reaches New 12-Month High - Should You Buy?

Key Points

• Solid Power's stock reached a new 52-week high of $4.83, rising significantly from a previous close of $4.13 with a trading volume of over 11.9 million shares.
• Needham & Company upgraded Solid Power's rating to "buy" and increased their price target from $2.00 to $4.00 following the company's quarterly earnings report.
• Despite missing earnings expectations, Solid Power reported a revenue of $6.49 million for the quarter, outperforming analyst estimates of $5.00 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $4.83 and last traded at $4.82, with a volume of 11913425 shares. The stock had previously closed at $4.13.

Analyst Ratings Changes

Separately, Needham & Company LLC increased their target price on shares of Solid Power from $2.00 to $4.00 and gave the stock a "buy" rating in a report on Thursday, August 7th.

Solid Power Stock Performance

The firm has a market capitalization of $907.56 million, a P/E ratio of -9.73 and a beta of 1.80. The business's fifty day moving average price is $2.95 and its two-hundred day moving average price is $1.83.

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 analysts' consensus estimates of ($0.12) by ($0.02). The company had revenue of $6.49 million during the quarter, compared to analyst estimates 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

In other news, Director Lesa B. Roe sold 29,000 shares of Solid Power stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $1.69, for a total transaction of $49,010.00. Following the completion of the transaction, the director directly owned 239,049 shares of the company's stock, valued at $403,992.81. The trade was a 10.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven H. Goldberg sold 82,365 shares of Solid Power 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 transaction, the director directly owned 118,808 shares of the company's stock, valued at approximately $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. Company insiders own 4.90% of the company's stock.

Institutional Investors Weigh In On Solid Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLDP. Prudential Financial Inc. raised its holdings in Solid Power by 69.7% in the 2nd quarter. Prudential Financial Inc. now owns 17,480 shares of the company's stock valued at $38,000 after buying an additional 7,180 shares during the period. Creative Planning purchased a new stake in Solid Power in the 2nd quarter valued at about $26,000. American Century Companies Inc. purchased a new stake in Solid Power in the 2nd quarter valued at about $27,000. MetLife Investment Management LLC raised its holdings in Solid Power by 22.1% in the 1st quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock valued at $77,000 after buying an additional 13,258 shares during the period. Finally, Corient Private Wealth LLC purchased a new stake in Solid Power during the second quarter worth about $31,000. Hedge funds and other institutional investors own 33.66% of the company's stock.

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.