Solid Power (NASDAQ:SLDP) Trading 7.8% Higher - Should You Buy?

Key Points

• Solid Power, Inc. shares rose 7.8% to $3.84, with trading volume down 71% compared to the average session.
• Needham & Company raised their price target for the stock from $2.00 to $4.00, maintaining a "buy" rating.
• The company missed quarterly EPS estimates, reporting ($0.14) compared to the consensus of ($0.12), but beat revenue expectations with $6.49 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) shares were up 7.8% during trading on Thursday . The company traded as high as $3.76 and last traded at $3.84. Approximately 1,662,730 shares changed hands during trading, a decline of 71% from the average daily volume of 5,781,856 shares. The stock had previously closed at $3.56.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC lifted 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. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $4.00.

Solid Power Stock Performance

The stock has a market cap of $677.99 million, a price-to-earnings ratio of -7.19 and a beta of 1.82. The company has a 50-day moving average of $3.86 and a 200-day moving average of $2.25.

Solid Power (NASDAQ:SLDP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The company had revenue of $6.49 million during the quarter, compared to analyst estimates of $5.00 million. Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%.

Hedge Funds Weigh In On Solid Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Prudential Financial Inc. increased its position 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 during the period. Osaic Holdings Inc. increased its position in Solid Power by 9.0% during the 2nd quarter. Osaic Holdings Inc. now owns 92,809 shares of the company's stock worth $203,000 after purchasing an additional 7,683 shares during the period. Creative Planning acquired a new position in Solid Power during the 2nd quarter worth approximately $26,000. American Century Companies Inc. acquired a new position in Solid Power during the 2nd quarter worth approximately $27,000. Finally, MetLife Investment Management LLC increased its position in Solid Power by 22.1% during the 1st quarter. MetLife Investment Management LLC now owns 73,184 shares of the company's stock worth $77,000 after purchasing an additional 13,258 shares during the period. Institutional investors and hedge funds 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.