Solid Power (NASDAQ:SLDP) Stock Price Down 7% - What's Next?

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) was down 7% during mid-day trading on Friday . The stock traded as low as $4.10 and last traded at $4.17. Approximately 4,436,731 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 5,254,596 shares. The stock had previously closed at $4.48.

Wall Street Analyst Weigh In

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

Solid Power Stock Up 3.8%

The firm has a market capitalization of $769.10 million, a price-to-earnings ratio of -8.24 and a beta of 1.80. The stock's 50 day moving average price is $2.74 and its two-hundred day moving average price is $1.76.

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

Insider Buying and Selling at Solid Power

In other Solid Power news, Director Steven H. Goldberg sold 82,365 shares of the stock in a transaction on Tuesday, May 27th. The shares were 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 of the company's stock, valued at $192,468.96. This represents a 40.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lesa B. Roe sold 29,000 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $1.69, for a total transaction of $49,010.00. Following the transaction, the director directly owned 239,049 shares in the company, valued at $403,992.81. The trade was a 10.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Solid Power

Several hedge funds and other institutional investors have recently made changes to their positions in SLDP. Creative Planning acquired a new stake in shares of Solid Power in the second quarter valued at about $26,000. American Century Companies Inc. acquired a new stake in Solid Power during the second quarter worth about $27,000. BNP Paribas Financial Markets acquired a new stake in Solid Power during the fourth quarter worth about $34,000. Prudential Financial Inc. grew its position in Solid Power by 69.7% during the second quarter. Prudential Financial Inc. now owns 17,480 shares of the company's stock worth $38,000 after buying an additional 7,180 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Solid Power during the fourth quarter worth about $40,000. 33.66% of the stock is owned by institutional investors and hedge funds.

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.