Solid Power (NASDAQ:SLDP) Shares Up 11% - Should You Buy?

Key Points

• Solid Power's stock saw an 11% increase, reaching a last traded price of $4.59, following a significant trading volume that was 46% above its daily average.
• Analysts at Needham & Company have raised their price target for Solid Power from $2.00 to $4.00 and issued a "buy" rating on the stock.
• Despite reporting a quarterly earnings miss with an EPS of ($0.14), Solid Power generated $6.49 million in revenue, surpassing analyst estimates of $5.00 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) shares rose 11% on Wednesday . The stock traded as high as $4.53 and last traded at $4.59. Approximately 7,809,130 shares were traded during trading, an increase of 46% from the average daily volume of 5,362,041 shares. The stock had previously closed at $4.13.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC increased their target price on shares of Solid Power from $2.00 to $4.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th.

Solid Power Price Performance

The stock has a market cap of $907.56 million, a price-to-earnings ratio of -9.73 and a beta of 1.80. The stock's 50-day moving average is $2.95 and its 200 day moving average is $1.83.

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 (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 23.13%. The company had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.00 million.

Insider Buying and Selling

In other news, Director Lesa B. Roe sold 29,000 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $1.69, for a total transaction of $49,010.00. Following the completion of the transaction, the director directly owned 239,049 shares of the company's stock, valued at $403,992.81. This trade represents a 10.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven H. Goldberg sold 82,365 shares of Solid Power 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 owned 118,808 shares in the company, valued at $192,468.96. The trade was a 40.94% decrease in their position. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by company insiders.

Institutional Trading of Solid Power

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in Solid Power by 14.8% in the 4th quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock valued at $457,000 after buying an additional 31,203 shares during the period. Vanguard Group Inc. increased its stake in shares of Solid Power by 12.3% during the 4th quarter. Vanguard Group Inc. now owns 8,353,470 shares of the company's stock worth $15,788,000 after purchasing an additional 912,649 shares during the last quarter. Millennium Management LLC increased its stake in shares of Solid Power by 21.2% during the 4th quarter. Millennium Management LLC now owns 1,401,680 shares of the company's stock worth $2,649,000 after purchasing an additional 244,738 shares during the last quarter. Bridgeway Capital Management LLC acquired a new position in shares of Solid Power during the 4th quarter worth $662,000. Finally, Northern Trust Corp increased its stake in shares of Solid Power by 7.4% during the 4th quarter. Northern Trust Corp now owns 1,283,424 shares of the company's stock worth $2,426,000 after purchasing an additional 88,563 shares during the last quarter. 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.