Solid Power (NASDAQ:SLDP) Shares 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) shares traded down 5.8% during mid-day trading on Tuesday . The company traded as low as $3.74 and last traded at $3.75. 3,032,370 shares changed hands 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.

Analysts Set New Price Targets

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 report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $4.00.

Solid Power Trading Down 6.7%

The company has a market cap of $673.46 million, a price-to-earnings ratio of -7.14 and a beta of 1.82. The company has a fifty day moving average price of $3.86 and a two-hundred day moving average price of $2.25.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate 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

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northern Trust Corp raised its position in 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. BNP Paribas Financial Markets acquired a new position in Solid Power in the fourth quarter worth $34,000. Bank of America Corp DE boosted its stake in Solid Power by 14.8% in the fourth quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock worth $457,000 after purchasing an additional 31,203 shares in the last quarter. Millennium Management LLC boosted its stake in Solid Power by 21.2% in the fourth quarter. Millennium Management LLC now owns 1,401,680 shares of the company's stock worth $2,649,000 after purchasing an additional 244,738 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Solid Power by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 43,589 shares of the company's stock worth $82,000 after purchasing an additional 14,655 shares in the last quarter. 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.

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