Solid Power (NASDAQ:SLDP) Trading Down 5% - Here's Why

Key Points

• Solid Power's stock dropped 5% during mid-day trading, closing at $5.99, while trading volume increased by 42% compared to its average daily volume.
• Analyst ratings show a consensus rating of "Hold" with a mixed outlook, as one analyst rates the stock as a "Buy" and another as a "Sell."
• Solid Power reported worse-than-expected earnings, with a loss of ($0.14) per share, while revenue exceeded estimates at $6.49 million.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) dropped 5% during mid-day trading on Wednesday . The company traded as low as $6.02 and last traded at $5.99. Approximately 9,500,640 shares were traded during mid-day trading, an increase of 42% from the average daily volume of 6,694,013 shares. The stock had previously closed at $6.30.

Wall Street Analyst Weigh In

SLDP has been the topic of a number of recent research reports. Needham & Company LLC lifted 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Power in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $4.00.

Solid Power Price Performance

The stock's 50-day simple moving average is $4.13 and its 200 day simple moving average is $2.59. The stock has a market capitalization of $1.12 billion, a P/E ratio of -11.89 and a beta of 1.77.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in shares of Solid Power by 14.8% in the fourth quarter. Bank of America Corp DE now owns 241,764 shares of the company's stock valued at $457,000 after buying an additional 31,203 shares during the period. Bank of New York Mellon Corp boosted its holdings in Solid Power by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 395,414 shares of the company's stock valued at $415,000 after acquiring an additional 17,225 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in Solid Power by 318.2% in the first quarter. SBI Securities Co. Ltd. now owns 44,392 shares of the company's stock valued at $47,000 after acquiring an additional 33,776 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Solid Power by 4.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,214,995 shares of the company's stock valued at $1,276,000 after acquiring an additional 51,434 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in Solid Power in the first quarter valued at approximately $96,000. 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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