Solid Power (NASDAQ:SLDP) Shares Down 9.8% - Here's Why

Key Points

• Solid Power's shares fell by 9.8% during trading on Thursday, closing at $6.42 compared to a previous close of $7.12, with a trading volume significantly higher than average.
• Analysts have mixed opinions on Solid Power, with Weiss Ratings maintaining a "sell" rating while Needham & Company LLC upgraded their target price to $4.00 and gave a "buy" rating.
• The company reported a loss of ($0.14) earnings per share, missing estimates, though revenue of $6.49 million exceeded expectations, reflecting a negative net margin of 412.62%.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) shares were down 9.8% during trading on Thursday . The stock traded as low as $6.47 and last traded at $6.42. Approximately 9,568,762 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 7,118,832 shares. The stock had previously closed at $7.12.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SLDP shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Power in a research note on Wednesday, October 8th. Needham & Company LLC increased their price objective on shares of Solid Power from $2.00 to $4.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Solid Power presently has a consensus rating of "Hold" and an average price target of $4.00.

Solid Power Price Performance

The company has a market capitalization of $1.10 billion, a PE ratio of -11.63 and a beta of 1.77. The company has a 50-day moving average of $4.50 and a two-hundred day moving average of $2.79.

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

Hedge Funds Weigh In On Solid Power

Large investors have recently made changes to their positions in the business. Creative Planning purchased a new position in shares of Solid Power in the second quarter valued at about $26,000. American Century Companies Inc. purchased a new position in shares of Solid Power in the second quarter valued at about $27,000. Corient Private Wealth LLC purchased a new position in shares of Solid Power in the second quarter valued at about $31,000. Brown Advisory Inc. purchased a new position in shares of Solid Power in the second quarter valued at about $33,000. Finally, Fisher Asset Management LLC purchased a new position in shares of Solid Power in the second quarter valued at about $35,000. 33.66% of the stock is currently owned by hedge funds and other institutional investors.

Solid Power Company Profile

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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