Solid Power (NASDAQ:SLDP) Trading 4.3% Higher - Here's What Happened

Key Points

• Solid Power's stock increased by 4.3% and traded at $6.30, with a significant boost in trading volume of 9,432,130 shares, surpassing its average volume by 31%.
• Analysts have mixed opinions, with Weiss Ratings maintaining a "sell" rating, while Needham & Company upgraded their price target from $2.00 to $4.00 and gave a "buy" recommendation.
• In its latest earnings report, Solid Power reported a loss of ($0.14) per share, missing estimates, but generated $6.49 million in revenue, exceeding expectations of $5.00 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) traded up 4.3% during trading on Friday . The stock traded as high as $6.30 and last traded at $6.30. 9,432,130 shares traded hands during mid-day trading, an increase of 31% from the average session volume of 7,177,714 shares. The stock had previously closed at $6.04.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Power in a report on Wednesday, October 8th. Needham & Company LLC boosted their price objective on shares of 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 and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $4.00.

Solid Power Trading Up 5.9%

The company's fifty day moving average is $4.53 and its 200-day moving average is $2.83. The firm has a market capitalization of $1.16 billion, a P/E ratio of -12.30 and a beta of 1.77.

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

Hedge Funds Weigh In On Solid Power

A number of hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC acquired a new stake in shares of Solid Power during the 2nd quarter worth about $31,000. Osaic Holdings Inc. increased its position in shares of 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 increased its position in shares of 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. Captrust Financial Advisors acquired a new stake in shares of Solid Power during the 2nd quarter worth about $104,000. Finally, Engineers Gate Manager LP increased its position in shares of 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. 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.

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