Solid Power (NASDAQ:SLDP) Trading Down 11.5% - Should You Sell?

Key Points

• Solid Power shares dropped about 11.5% in mid-day trading to $2.965 on heavy volume (8.56M shares, +46% vs. average), with a market cap of $644.1M and the stock trading below its 50-day ($3.25) and 200-day ($4.45) moving averages.
• Analyst coverage is mixed — two Buy, one Hold and one Sell — leaving an average rating of Hold and an average price target of $7.00 (HC Wainwright and Needham at $7.00; Weiss Ratings at Sell).
• Most recent quarter showed adjusted EPS of ($0.06) beating estimates of ($0.12) but revenue of $3.07M missed $3.33M expectations, with deeply negative margins and ROE; institutional investors own ~33.7% of shares, led by Vanguard and Bank of America.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s share price fell 11.5% during mid-day trading on Thursday . The company traded as low as $2.95 and last traded at $2.9650. 8,565,193 shares were traded during mid-day trading, an increase of 46% from the average session volume of 5,865,051 shares. The stock had previously closed at $3.35.

Analysts Set New Price Targets

A number of research firms recently issued reports on SLDP. Zacks Research raised Solid Power to a "hold" rating in a report on Tuesday, March 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Power in a report on Tuesday, April 21st. HC Wainwright initiated coverage on Solid Power in a report on Monday, March 16th. They issued a "buy" rating and a $7.00 price target on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $7.00 price target on shares of Solid Power in a report on Wednesday. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $7.00.

Solid Power Stock Down 12.8%

The firm has a fifty day moving average of $3.25 and a 200-day moving average of $4.45. The firm has a market cap of $644.09 million, a P/E ratio of -6.08 and a beta of 1.91.

Solid Power (NASDAQ:SLDP - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.06. Solid Power had a negative return on equity of 23.46% and a negative net margin of 485.47%.The business had revenue of $3.07 million for the quarter, compared to analysts' expectations of $3.33 million. Sell-side analysts anticipate that Solid Power, Inc. will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Solid Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Solid Power by 15.7% during the third quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company's stock worth $32,760,000 after buying 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% during the third quarter. Bank of America Corp DE now owns 6,495,146 shares of the company's stock worth $22,538,000 after buying an additional 6,335,739 shares during the last quarter. Riverstone Holdings LLC boosted its holdings in Solid Power by 3.7% during the third quarter. Riverstone Holdings LLC now owns 4,714,816 shares of the company's stock worth $16,360,000 after buying an additional 169,709 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Solid Power by 7.0% during the 4th 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 in the last quarter. Finally, State Street Corp lifted its holdings in shares of Solid Power by 25.9% during the 4th 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 in the last quarter. Institutional investors own 33.66% of the company's stock.

Solid Power Company Profile

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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