Solid Power (NASDAQ:SLDP) Trading 6.5% Higher - Here's Why

Key Points

• Shares rose 6.5% to about $3.36 on Wednesday (intraday high $3.38) while volume was roughly 1.42M shares, down about 71% from the average session volume.
• Analysts are mixed — two Buy, one Hold and one Sell — leaving an average rating of “Hold” and a consensus price target of $7.00.
• Solid Power remains unprofitable (reported EPS -$0.14, slightly beating -$0.16 est) with revenue of $0.86M below estimates, a market cap of about $729M, and roughly 33.7% institutional ownership.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s stock price traded up 6.5% during trading on Wednesday . The company traded as high as $3.38 and last traded at $3.3560. 1,423,417 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 4,987,997 shares. The stock had previously closed at $3.15.

Analysts Set New Price Targets

Several research firms have issued reports on SLDP. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Power in a report on Thursday, January 22nd. Zacks Research raised shares of Solid Power to a "hold" rating in a report on Tuesday, March 17th. Wall Street Zen lowered shares of Solid Power from a "hold" rating to a "sell" rating in a report on Saturday, December 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $7.00 price target on shares of Solid Power in a report on Wednesday, January 14th. Finally, HC Wainwright began coverage on shares of Solid Power in a report on Monday, March 16th. They issued a "buy" rating and a $7.00 price target on the stock. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $7.00.

Solid Power Price Performance

The firm has a market capitalization of $729.02 million, a PE ratio of -6.65 and a beta of 1.94. The company's fifty day simple moving average is $3.31 and its 200-day simple moving average is $4.64.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.86 million for the quarter, compared to analyst estimates of $2.50 million. Solid Power had a negative net margin of 429.54% and a negative return on equity of 23.88%.

Institutional Investors Weigh In On Solid Power

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Solid Power by 15.7% in the third quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company's stock valued at $32,760,000 after purchasing an additional 1,278,324 shares during the last quarter. Bank of America Corp DE boosted its holdings in Solid Power by 3,974.6% in the third quarter. Bank of America Corp DE now owns 6,495,146 shares of the company's stock valued at $22,538,000 after purchasing an additional 6,335,739 shares during the last quarter. Riverstone Holdings LLC boosted its holdings in Solid Power by 3.7% in the third quarter. Riverstone Holdings LLC now owns 4,714,816 shares of the company's stock valued at $16,360,000 after purchasing an additional 169,709 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Solid Power by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 4,111,916 shares of the company's stock valued at $17,479,000 after purchasing an additional 268,539 shares during the last quarter. Finally, State Street Corp boosted its holdings in Solid Power by 25.9% in the fourth quarter. State Street Corp now owns 4,077,239 shares of the company's stock valued at $17,328,000 after purchasing an additional 839,471 shares during the last quarter. 33.66% of the stock is owned by hedge funds and other institutional investors.

About Solid Power

Solid Power, Inc NASDAQ: SLDP is a Colorado-based company specializing in the development and manufacturing of all-solid-state rechargeable battery cells for the electric vehicle (EV) and aerospace industries. Founded in 2012 as a spin-out from the University of Colorado Boulder, Solid Power has focused on advancing solid electrolytes and high-energy battery architectures to deliver improved safety, higher energy density and longer cycle life compared with traditional lithium-ion batteries.

The company's core offerings include multilayer solid-state battery cells that utilize sulfide-based solid electrolytes and high-capacity cathode materials.

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