Solid Power (NASDAQ:SLDP) Stock Price Down 5.8% - Time to Sell?

Key Points

• Solid Power's shares dropped 5.8%, trading at approximately $3.75, with volume declining to 3 million shares, significantly down from the average.
• Analysts from Needham & Company raised their target price on Solid Power from $2.00 to $4.00, maintaining a "buy" rating amid overall positive analyst sentiment.
• The company reported a loss of $0.14 earnings per share, missing estimates, but achieved revenue of $6.49 million, surpassing analyst expectations of $5 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) fell 5.8% on Tuesday . The stock traded as low as $3.74 and last traded at $3.75. 3,032,370 shares were traded during mid-day trading, a decline of 48% from the average session volume of 5,814,211 shares. The stock had previously closed at $3.98.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC raised their target price on 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 MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $4.00.

Solid Power Trading Up 6.6%

The firm has a 50-day moving average price of $3.97 and a 200-day moving average price of $2.31. The company has a market capitalization of $755.94 million, a price-to-earnings ratio of -8.02 and a beta of 1.83.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its earnings results 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). Solid Power had a negative return on equity of 23.13% and a negative net margin of 412.62%.The firm had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.00 million.

Hedge Funds Weigh In On Solid Power

A number of hedge funds and other institutional investors have recently modified their holdings of SLDP. Yaupon Capital Management LP lifted its position in shares of Solid Power by 709.1% in the 1st quarter. Yaupon Capital Management LP now owns 3,560,365 shares of the company's stock valued at $3,738,000 after acquiring an additional 3,120,316 shares in the last quarter. Pure Financial Advisors LLC acquired a new stake in Solid Power during the 2nd quarter valued at $4,668,000. Nuveen LLC purchased a new stake in shares of Solid Power in the first quarter valued at $590,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Solid Power in the second quarter worth $686,000. Finally, MBL Wealth LLC purchased a new position in shares of Solid Power during the second quarter valued at $591,000. Institutional investors and hedge funds 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.