Solid Power (NASDAQ:SLDP) Stock Price Down 7% - Should You Sell?

Key Points

• Solid Power's stock declined by 7%, trading as low as $4.10, with a notable decrease in trading volume.
• Analysts from Needham & Company raised their price target for Solid Power from $2.00 to $4.00 and rated the stock as a "buy."
• Institutional investors have increased their stakes in Solid Power, with Vanguard Group acquiring a 12.3% larger position during the last quarter.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) shares traded down 7% during mid-day trading on Friday . The stock traded as low as $4.10 and last traded at $4.17. 4,436,731 shares changed hands during trading, a decline of 16% from the average session volume of 5,254,596 shares. The stock had previously closed at $4.48.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC upped their price objective on shares of Solid Power from $2.00 to $4.00 and gave the stock a "buy" rating in a research report on Thursday.

Solid Power Price Performance

The firm's 50-day simple moving average is $2.59 and its 200 day simple moving average is $1.70. The firm has a market capitalization of $702.20 million, a price-to-earnings ratio of -7.53 and a beta of 1.80.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). Solid Power had a negative net margin of 412.62% and a negative return on equity of 22.50%. The firm had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.00 million.

Insider Buying and Selling at Solid Power

In other Solid Power news, Director Lesa B. Roe sold 29,000 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $1.69, for a total transaction of $49,010.00. Following the completion of the sale, the director directly owned 239,049 shares in the company, valued at approximately $403,992.81. This trade represents a 10.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven H. Goldberg sold 82,365 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1.62, for a total transaction of $133,431.30. Following the transaction, the director directly owned 118,808 shares in the company, valued at approximately $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 currently owned by company insiders.

Hedge Funds Weigh In On Solid Power

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Solid Power by 12.3% during the 4th quarter. Vanguard Group Inc. now owns 8,353,470 shares of the company's stock valued at $15,788,000 after purchasing an additional 912,649 shares in the last quarter. Invesco Ltd. increased its position in shares of Solid Power by 9.9% during the fourth quarter. Invesco Ltd. now owns 3,802,147 shares of the company's stock worth $7,186,000 after acquiring an additional 342,114 shares in the last quarter. Yaupon Capital Management LP raised its holdings in shares of Solid Power by 709.1% in the 1st quarter. Yaupon Capital Management LP now owns 3,560,365 shares of the company's stock worth $3,738,000 after acquiring an additional 3,120,316 shares during the last quarter. Geode Capital Management LLC lifted its position in Solid Power by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 3,559,922 shares of the company's stock valued at $6,729,000 after acquiring an additional 152,907 shares in the last quarter. Finally, Pure Financial Advisors LLC bought a new stake in Solid Power during the 2nd quarter worth approximately $4,668,000. 33.66% of the stock is owned by institutional investors and hedge funds.

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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