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.

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

Wall Street Analyst Weigh In

Separately, Needham & Company LLC increased their price objective on shares of 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 Down 6.6%

The firm has a market capitalization of $856.55 million, a PE ratio of -9.11 and a beta of 1.80. The business has a 50-day moving average price of $2.95 and a 200-day moving average price of $1.83.

Solid Power (NASDAQ:SLDP - Get Free Report) last issued its 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). The firm had revenue of $6.49 million for the quarter, compared to analysts' expectations of $5.00 million. Solid Power had a negative return on equity of 23.13% and a negative net margin of 412.62%.

Insider Transactions at Solid Power

In related news, Director Steven H. Goldberg sold 82,365 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1.62, for a total value of $133,431.30. Following the sale, the director owned 118,808 shares in the company, valued at approximately $192,468.96. The trade was a 40.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lesa B. Roe sold 29,000 shares of the stock in a transaction that occurred 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 sale, the director owned 239,049 shares in the company, valued at approximately $403,992.81. This trade represents 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 institutional investors have recently modified their holdings of SLDP. Creative Planning purchased a new stake in shares of Solid Power during the 2nd quarter worth approximately $26,000. American Century Companies Inc. acquired a new position in Solid Power during the 2nd quarter worth approximately $27,000. Corient Private Wealth LLC purchased a new stake in Solid Power during the second quarter worth about $31,000. Brown Advisory Inc. purchased a new position in Solid Power in the 2nd quarter valued at approximately $33,000. Finally, Fisher Asset Management LLC purchased a new position in shares of Solid Power in the second quarter valued at $35,000. 33.66% of the stock is owned by hedge funds and other institutional investors.

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.