Solid Power (NASDAQ:SLDP) Stock Price Down 6.5% - Here's What Happened

Key Points

• Shares fell 6.5%, trading down to $6.64 intraday with about 2.9 million shares changing hands — a 64% drop from its average daily volume — after a prior close of $7.10.
• Analyst views are mixed: Needham raised its price target to $7 and rated the stock a Buy while Weiss Ratings kept a Sell; MarketBeat's consensus is a Hold with an average target of $7.00.
• Solid Power reported EPS of -$0.14 and revenue of $4.56M, both beating estimates, but the company remains unprofitable (negative ROE and a -429.55% net margin) and has a market cap of about $1.21 billion.

Shares of Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) were down 6.5% during trading on Wednesday . The stock traded as low as $6.77 and last traded at $6.64. Approximately 2,898,317 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 7,990,111 shares. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Needham & Company LLC lifted their price objective on Solid Power from $4.00 to $7.00 and gave the company a "buy" rating in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Power in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $7.00.

Solid Power Stock Down 6.1%

The firm's fifty day simple moving average is $5.20 and its 200-day simple moving average is $3.53. The company has a market cap of $1.21 billion, a PE ratio of -12.58 and a beta of 1.85.

Solid Power (NASDAQ:SLDP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.03. The business had revenue of $4.56 million for the quarter, compared to the consensus estimate of $3.50 million. Solid Power had a negative return on equity of 24.88% and a negative net margin of 429.55%.

Institutional Investors Weigh In On Solid Power

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. raised its position in shares of Solid Power by 17.2% in the third quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company's stock valued at $131,000 after buying an additional 5,526 shares during the last quarter. Prudential Financial Inc. grew its stake in Solid Power by 69.7% in the 2nd quarter. Prudential Financial Inc. now owns 17,480 shares of the company's stock worth $38,000 after acquiring an additional 7,180 shares during the period. Osaic Holdings Inc. raised its holdings in Solid Power by 9.0% in the 2nd quarter. Osaic Holdings Inc. now owns 92,809 shares of the company's stock valued at $203,000 after acquiring an additional 7,683 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Solid Power by 4.9% during the 3rd quarter. Rhumbline Advisers now owns 206,452 shares of the company's stock worth $716,000 after purchasing an additional 9,675 shares during the period. Finally, AlphaCore Capital LLC acquired a new stake in shares of Solid Power during the third quarter worth $35,000. 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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