Solid Power (NASDAQ:SLDP) Sets New 52-Week High - Time to 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 trading on Thursday . The company traded as high as $4.83 and last traded at $4.82, with a volume of 11913425 shares traded. The stock had previously closed at $4.13.

Wall Street Analyst Weigh In

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

Solid Power Stock Down 7.4%

The firm has a market capitalization of $849.30 million, a price-to-earnings ratio of -9.01 and a beta of 1.80. The stock has a 50-day moving average price of $2.95 and a 200 day moving average price of $1.83.

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

Insider Activity at Solid Power

In other news, Director Steven H. Goldberg sold 82,365 shares of the business's 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 completion of the sale, the director owned 118,808 shares in the company, valued at approximately $192,468.96. The trade was a 40.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lesa B. Roe sold 29,000 shares of the business'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 transaction of $49,010.00. Following the sale, the director owned 239,049 shares of the company's stock, valued at $403,992.81. This represents a 10.82% decrease in their position. The disclosure for this sale can be found here. 7.20% of the stock is currently owned by insiders.

Institutional Trading of Solid Power

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake 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 buying an additional 31,203 shares during the last quarter. Millennium Management LLC grew 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 during the last quarter. Bridgeway Capital Management LLC purchased a new position in shares of Solid Power in the 4th quarter valued at approximately $662,000. Northern Trust Corp grew its stake in shares of Solid Power by 7.4% in the 4th 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. Finally, Barclays PLC grew its stake in shares of Solid Power by 16.0% in the 4th quarter. Barclays PLC now owns 232,783 shares of the company's stock valued at $440,000 after purchasing an additional 32,164 shares during the last quarter. Hedge funds and other 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.