Solid Power (NASDAQ:SLDP) Shares Gap Up - Still a Buy?

Key Points

• Solid Power's stock gapped up from a previous closing price of $5.86 to an opening price of $6.37, reflecting a 9.1% increase in its stock value.
• Analysts have mixed opinions on the stock, with Weiss Ratings maintaining a "sell" rating, while Needham & Company upgraded its price target and issued a "buy" rating.
• Solid Power reported a quarterly earnings miss with a net loss, despite revenues surpassing expectations, indicating ongoing financial challenges for the company.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $5.86, but opened at $6.37. Solid Power shares last traded at $6.38, with a volume of 7,408,133 shares changing hands.

Analyst Ratings Changes

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

Solid Power Stock Up 9.1%

The stock has a market capitalization of $1.16 billion, a PE ratio of -12.31 and a beta of 1.77. The firm has a 50 day moving average price of $4.30 and a 200 day moving average price of $2.70.

Solid Power (NASDAQ:SLDP - Get Free Report) last released 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 company had revenue of $6.49 million during 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%.

Institutional Investors Weigh In On Solid Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLDP. Bank of New York Mellon Corp increased its stake in Solid Power by 4.6% in the 1st quarter. Bank of New York Mellon Corp now owns 395,414 shares of the company's stock valued at $415,000 after buying an additional 17,225 shares during the last quarter. SBI Securities Co. Ltd. increased its position in shares of Solid Power by 318.2% during the first quarter. SBI Securities Co. Ltd. now owns 44,392 shares of the company's stock valued at $47,000 after acquiring an additional 33,776 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Solid Power by 4.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,214,995 shares of the company's stock valued at $1,276,000 after acquiring an additional 51,434 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Solid Power during the 1st quarter valued at $96,000. Finally, Nuveen LLC purchased a new stake in shares of Solid Power during the 1st quarter valued at $590,000. Hedge funds and other institutional investors own 33.66% of the company's stock.

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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