Solid Power (NASDAQ:SLDP) Shares Up 4.9% - Here's What Happened

Key Points

• Solid Power's stock increased by 4.9%, closing at $3.93, despite trading volume being down by 67% from the average.
• Needham & Company raised their price target for Solid Power from $2.00 to $4.00 and maintained a "buy" rating, indicating positive sentiment from analysts.
• The company reported a Q2 EPS of -$0.14, missing estimates, although revenue exceeded expectations at $6.49 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s stock price rose 4.9% during trading on Wednesday . The company traded as high as $3.97 and last traded at $3.93. Approximately 1,939,815 shares were traded during trading, a decline of 67% from the average daily volume of 5,832,049 shares. The stock had previously closed at $3.74.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC raised 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 analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $4.00.

Solid Power Trading Up 6.6%

The firm's 50-day moving average is $3.97 and its two-hundred day moving average is $2.32. The stock has a market cap of $755.95 million, a price-to-earnings ratio of -8.02 and a beta of 1.83.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its quarterly earnings results 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 return on equity of 23.13% and a negative net margin of 412.62%.The company had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.00 million.

Institutional Trading of Solid Power

Several large investors have recently bought and sold shares of SLDP. Northern Trust Corp grew its stake in shares of Solid Power by 7.4% in the 4th quarter. Northern Trust Corp now owns 1,283,424 shares of the company's stock valued at $2,426,000 after buying an additional 88,563 shares during the period. BNP Paribas Financial Markets acquired a new stake in Solid Power during the 4th quarter worth approximately $34,000. Bank of America Corp DE lifted its holdings in Solid Power by 14.8% during the 4th quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock worth $457,000 after buying an additional 31,203 shares in the last quarter. Millennium Management LLC lifted its holdings in 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 buying an additional 244,738 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Solid Power by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 43,589 shares of the company's stock worth $82,000 after buying an additional 14,655 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.