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

Key Points

• Solid Power's stock price increased from $3.90 to $4.12 at market open, closing at $4.02 with considerable trading volume of nearly 3 million shares.
• Analyst recommendations improved as Needham & Company raised their price target from $2.00 to $4.00 and rated the stock as a "buy."
• Insider activity includes significant stock sales, with directors selling shares, indicating a potential decrease in confidence among insiders amidst changing ownership percentages.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.90, but opened at $4.12. Solid Power shares last traded at $4.02, with a volume of 2,977,463 shares traded.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC boosted their price objective on Solid Power from $2.00 to $4.00 and gave the stock a "buy" rating in a report on Thursday, August 7th.

Solid Power Trading Up 3.0%

The stock has a market capitalization of $763.18 million, a P/E ratio of -8.20 and a beta of 1.80. The company has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $1.76.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data 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 firm 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%.

Insider Transactions at Solid Power

In other news, Director Steven H. Goldberg sold 82,365 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1.62, for a total value of $133,431.30. Following the completion of the sale, the director directly owned 118,808 shares of the company's stock, valued at $192,468.96. This represents a 40.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lesa B. Roe sold 29,000 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $1.69, for a total value of $49,010.00. Following the completion of the sale, the director directly owned 239,049 shares of the company's stock, valued at approximately $403,992.81. This trade represents a 10.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company's stock.

Institutional Trading of Solid Power

Institutional investors and hedge funds have recently modified their holdings of the stock. Creative Planning bought a new stake in shares of Solid Power in the 2nd quarter valued at about $26,000. American Century Companies Inc. bought a new stake in Solid Power during the 2nd quarter worth approximately $27,000. BNP Paribas Financial Markets bought a new stake in Solid Power during the 4th quarter worth approximately $34,000. Prudential Financial Inc. increased 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. Finally, Raymond James Financial Inc. bought a new stake in Solid Power during the 4th quarter worth approximately $40,000. 33.66% of the stock is 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.