Solid Power (NASDAQ:SLDP) Shares Up 7.8% - What's Next?

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) shot up 7.8% during mid-day trading on Thursday . The company traded as high as $3.76 and last traded at $3.84. 1,662,730 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 5,781,856 shares. The stock had previously closed at $3.56.

Wall Street Analyst Weigh In

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

Solid Power Stock Performance

The business's 50 day moving average price is $3.78 and its 200-day moving average price is $2.18. The firm has a market capitalization of $686.14 million, a PE ratio of -7.22 and a beta of 1.83.

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 the consensus estimate of ($0.12) by ($0.02). Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%. The business had revenue of $6.49 million during the quarter, compared to analysts' expectations of $5.00 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLDP. Osaic Holdings Inc. lifted its holdings 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 worth $203,000 after acquiring an additional 7,683 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Solid Power by 169.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 25,679 shares of the company's stock worth $56,000 after acquiring an additional 16,153 shares during the period. Corient Private Wealth LLC purchased a new position in shares of Solid Power during the 2nd quarter worth about $31,000. Captrust Financial Advisors purchased a new position in Solid Power in the second quarter valued at approximately $104,000. Finally, Engineers Gate Manager LP raised its holdings in Solid Power by 960.6% in the second quarter. Engineers Gate Manager LP now owns 120,912 shares of the company's stock valued at $265,000 after buying an additional 109,512 shares during the period. 33.66% of the stock is currently owned by hedge funds and other 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.

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