Solid Power (NASDAQ:SLDP) Shares Gap Up - Time to Buy?

Key Points

• Solid Power's stock price gapped up from $4.19 to $4.39 at market open, with a trading volume of over 5.6 million shares.
• Analysts at Needham & Company raised their price target for Solid Power from $2.00 to $4.00, maintaining a "buy" rating for the stock.
• The company's recent earnings report showed a loss of ($0.14) EPS, missing estimates, despite revenue of $6.49 million which surpassed analyst expectations.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $4.19, but opened at $4.39. Solid Power shares last traded at $4.07, with a volume of 5,644,154 shares changing hands.

Analyst Ratings Changes

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

Solid Power Price Performance

The stock has a fifty day moving average of $3.83 and a 200 day moving average of $2.22. The firm 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) EPS 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

A number of hedge funds have recently bought and sold shares of SLDP. Creative Planning bought a new stake in shares of Solid Power in the second quarter valued at $26,000. American Century Companies Inc. bought a new stake in shares of Solid Power in the second quarter valued at $27,000. Corient Private Wealth LLC bought a new stake in shares of Solid Power in the second quarter valued at $31,000. Brown Advisory Inc. bought a new stake in shares of Solid Power in the second quarter valued at $33,000. Finally, Fisher Asset Management LLC bought a new stake in shares of Solid Power in the second quarter valued at $35,000. 33.66% of the stock is currently owned by 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.