Solid Power (NASDAQ:SLDP) Shares Down 8.2% - Time to Sell?

Key Points

• Solid Power's stock has decreased by 8.2%, closing at $3.98, with trading volume rising by 4% compared to its average daily volume.
• Despite recent performance, Needham & Company raised the target price for Solid Power from $2.00 to $4.00, suggesting a "buy" rating.
• The company's latest earnings report revealed a loss of ($0.14) per share, which missed analysts' expectations, although revenue exceeded predictions at $6.49 million.

Shares of Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) were down 8.2% on Tuesday . The company traded as low as $3.98 and last traded at $3.98. Approximately 5,909,781 shares were traded during trading, an increase of 4% from the average daily volume of 5,695,679 shares. The stock had previously closed at $4.33.

Analyst Upgrades and Downgrades

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

Solid Power Stock Up 3.2%

The stock has a 50-day moving average price of $3.65 and a 200 day moving average price of $2.12. The firm has a market capitalization of $735.45 million, a PE ratio of -7.86 and a beta of 1.83.

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

Institutional Investors Weigh In On Solid Power

Several institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. grew its stake 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 in the last quarter. Tower Research Capital LLC TRC grew its stake in 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 purchasing an additional 16,153 shares in the last quarter. Corient Private Wealth LLC acquired a new position in Solid Power during the 2nd quarter worth $31,000. Captrust Financial Advisors acquired a new position in Solid Power during the 2nd quarter worth $104,000. Finally, Engineers Gate Manager LP grew its stake in Solid Power by 960.6% during the 2nd quarter. Engineers Gate Manager LP now owns 120,912 shares of the company's stock worth $265,000 after purchasing an additional 109,512 shares in the last quarter. Hedge funds and other institutional investors 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.