Solid Power (NASDAQ:SLDP) Shares Down 5.5% - Should You Sell?

Key Points

• Solid Power's stock price fell by 5.5%, trading at $3.71 after reaching a low of $3.72, with trading volume down 40% from its average.
• Needham & Company upgraded Solid Power's stock price target from $2.00 to $4.00, maintaining a "buy" rating amid an overall average rating of "buy" for the firm.
• The company reported a loss of ($0.14) EPS for the quarter, missing estimates by ($0.02), despite generating $6.49 million in revenue compared to expectations of $5.00 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s stock price was down 5.5% during trading on Tuesday . The company traded as low as $3.72 and last traded at $3.71. Approximately 3,441,387 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 5,754,877 shares. The stock had previously closed at $3.92.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC increased their target price 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. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $4.00.

Solid Power Price Performance

The company has a market cap of $671.64 million, a PE ratio of -7.13 and a beta of 1.82. The business has a fifty day simple moving average of $3.73 and a two-hundred day simple moving average of $2.16.

Solid Power (NASDAQ:SLDP - Get Free Report) last posted 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). Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%. The firm had revenue of $6.49 million for the quarter, compared to analysts' expectations of $5.00 million.

Institutional Trading of Solid Power

Hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. increased its holdings in Solid Power by 69.7% in the second 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 in the last quarter. Osaic Holdings Inc. increased its stake in shares of Solid Power by 9.0% in the 2nd quarter. Osaic Holdings Inc. now owns 92,809 shares of the company's stock valued at $203,000 after purchasing an additional 7,683 shares in the last quarter. Creative Planning acquired a new position in Solid Power in the 2nd quarter worth about $26,000. American Century Companies Inc. purchased a new position in Solid Power during the second quarter worth approximately $27,000. Finally, MetLife Investment Management LLC boosted its stake in Solid Power by 22.1% during the first quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock worth $77,000 after buying an additional 13,258 shares during the last quarter. 33.66% of the stock is owned by hedge funds and other 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.

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