Solid Power (NASDAQ:SLDP) Shares Down 8.2% - Should You 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.

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

Analyst Ratings Changes

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

Solid Power Stock Up 6.6%

The stock has a market capitalization of $759.56 million, a price-to-earnings ratio of -8.06 and a beta of 1.83. The company has a 50 day simple moving average of $3.69 and a 200-day simple moving average of $2.14.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) earnings per share 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 company had revenue of $6.49 million during the quarter, compared to the consensus estimate of $5.00 million.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Creative Planning acquired a new position in shares of Solid Power during the 2nd quarter valued at $26,000. American Century Companies Inc. acquired a new position in shares of Solid Power during the 2nd quarter valued at $27,000. Corient Private Wealth LLC acquired a new position in Solid Power during the second quarter worth $31,000. Brown Advisory Inc. acquired a new position in Solid Power during the second quarter worth $33,000. Finally, BNP Paribas Financial Markets acquired a new position in Solid Power during the fourth quarter worth $34,000. Institutional investors and hedge funds 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.