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

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 share price gapped up prior to trading 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.

Analyst Upgrades and Downgrades

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

Solid Power Stock Down 5.8%

The business has a 50-day moving average price of $2.95 and a two-hundred day moving average price of $1.83. The company has a market cap of $907.56 million, a P/E ratio of -9.73 and a beta of 1.80.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $5.00 million. Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%.

Insider Activity

In other Solid Power news, Director Lesa B. Roe sold 29,000 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $1.69, for a total value of $49,010.00. Following the completion of the transaction, the director directly owned 239,049 shares in the company, valued at $403,992.81. This trade represents a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven H. Goldberg sold 82,365 shares of Solid Power stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1.62, for a total value of $133,431.30. Following the transaction, the director owned 118,808 shares of the company's stock, valued at $192,468.96. This represents a 40.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning bought a new position in Solid Power in the second quarter valued at about $26,000. American Century Companies Inc. bought a new stake in Solid Power during the 2nd quarter worth $27,000. Corient Private Wealth LLC bought a new stake in Solid Power during the 2nd quarter worth $31,000. Brown Advisory Inc. bought a new stake in Solid Power during the 2nd quarter worth $33,000. Finally, BNP Paribas Financial Markets bought a new stake in Solid Power during the 4th quarter worth $34,000. 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.