Solid Power (NASDAQ:SLDP) Shares Gap Up - Here's What Happened

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 stock 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 trading hands.

Wall Street Analysts Forecast Growth

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

Solid Power Stock Down 5.1%

The stock has a market capitalization of $720.77 million, a price-to-earnings ratio of -7.66 and a beta of 1.82. The company's fifty day simple moving average is $3.69 and its 200 day simple moving average is $2.15.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) EPS 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 company had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.00 million.

Institutional Trading of Solid Power

Institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. grew its stake in Solid Power by 69.7% during the 2nd quarter. Prudential Financial Inc. now owns 17,480 shares of the company's stock worth $38,000 after purchasing an additional 7,180 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of Solid Power by 9.0% during the 2nd quarter. Osaic Holdings Inc. now owns 92,809 shares of the company's stock valued at $203,000 after buying an additional 7,683 shares during the period. Creative Planning acquired a new position in shares of Solid Power during the second quarter valued at about $26,000. American Century Companies Inc. acquired a new stake in shares of Solid Power in the second quarter valued at approximately $27,000. Finally, MetLife Investment Management LLC lifted its position in Solid Power by 22.1% in the 1st quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock valued at $77,000 after acquiring an additional 13,258 shares in the last quarter. 33.66% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.