Solid Power (NASDAQ:SLDP) Shares Down 6.4% - Time to Sell?

Key Points

• Solid Power's share price decreased by 6.4%, trading as low as $4.10, with a significant drop in trading volume of 68% compared to its average.
• Analysts have a consensus rating of "Buy" on Solid Power, with a price target increase from $2.00 to $4.00 following the company's earnings report.
• For the latest quarter, Solid Power reported a loss of $0.14 per share, missing estimates, but its revenue of $6.49 million exceeded projections.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s share price was down 6.4% during mid-day trading on Wednesday . The stock traded as low as $4.10 and last traded at $4.03. Approximately 1,924,885 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 6,087,721 shares. The stock had previously closed at $4.30.

Analyst Ratings Changes

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

Solid Power Price Performance

The firm has a market capitalization of $711.54 million, a P/E ratio of -7.59 and a beta of 1.82. The firm's fifty day moving average price is $4.03 and its 200-day moving average price is $2.37.

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

Institutional Trading of Solid Power

Large investors have recently added to or reduced their stakes in the business. Creative Planning bought a new stake in Solid Power during the second quarter worth approximately $26,000. American Century Companies Inc. bought a new stake in Solid Power during the second quarter worth approximately $27,000. Corient Private Wealth LLC bought a new stake in Solid Power during the second quarter worth approximately $31,000. Brown Advisory Inc. bought a new stake in Solid Power during the second quarter worth approximately $33,000. Finally, BNP Paribas Financial Markets bought a new stake in Solid Power during the fourth quarter worth approximately $34,000. 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.

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