Solid Power (NASDAQ:SLDP) Shares Down 5.5% - What's Next?

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 mid-day 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 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 Analysts Forecast Growth

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

Solid Power Stock Performance

The stock has a fifty day moving average of $3.83 and a 200 day moving average of $2.23. The company has a market capitalization of $688.86 million, a P/E ratio of -7.31 and a beta of 1.83.

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 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 company had revenue of $6.49 million for the quarter, compared to analysts' expectations of $5.00 million.

Institutional Trading of Solid Power

Institutional investors and hedge funds have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Solid Power during the 1st quarter valued at $96,000. Bank of America Corp DE grew its stake in shares of Solid Power by 14.8% in 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 in 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 worth $2,649,000 after buying an additional 244,738 shares in the last quarter. Nuveen LLC purchased a new position in shares of Solid Power in the 1st quarter worth $590,000. Finally, Northern Trust Corp lifted its holdings 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 worth $2,426,000 after acquiring an additional 88,563 shares during the last quarter. 33.66% of the stock is currently owned by 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.