Solid Power (NASDAQ:SLDP) Stock Price Down 5.3% - Here's What Happened

Key Points

• Solid Power's stock has decreased by 5.3%, trading down to $5.08, despite a trading volume increase of 9% from the previous average.
• Analyst ratings improved, with Needham & Company raising their price target to $4.00 and giving a "buy" rating.
• The company reported a quarterly EPS of ($0.14), missing expectations, but exceeding revenue estimates with $6.49 million in revenue.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) fell 5.3% during mid-day trading on Friday . The company traded as low as $5.02 and last traded at $5.08. 5,981,785 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 5,487,930 shares. The stock had previously closed at $5.37.

Analysts Set New Price Targets

Separately, Needham & Company LLC raised their price target on shares of Solid Power from $2.00 to $4.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Solid Power currently has a consensus rating of "Hold" and a consensus price target of $2.50.

Solid Power Price Performance

The stock has a market cap of $746.87 million, a price-to-earnings ratio of -7.92 and a beta of 1.80. The stock's 50 day moving average price is $3.11 and its two-hundred day moving average price is $1.89.

Solid Power (NASDAQ:SLDP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) earnings per share 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 analyst estimates of $5.00 million. Solid Power had a negative return on equity of 23.13% and a negative net margin of 412.62%.

Insiders Place Their Bets

In other news, Director Lesa B. Roe sold 29,000 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $1.69, for a total value of $49,010.00. Following the sale, the director owned 239,049 shares in the company, valued at $403,992.81. This represents a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven H. Goldberg sold 82,365 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $1.62, for a total transaction of $133,431.30. Following the sale, the director owned 118,808 shares in the company, valued at approximately $192,468.96. This represents a 40.94% decrease in their position. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

Institutional Trading of Solid Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in Solid Power during the first quarter valued at $96,000. Bank of America Corp DE grew its position in Solid Power by 14.8% during 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. Millennium Management LLC grew its position in Solid Power by 21.2% during the fourth quarter. Millennium Management LLC now owns 1,401,680 shares of the company's stock valued at $2,649,000 after buying an additional 244,738 shares during the period. Bridgeway Capital Management LLC acquired a new stake in Solid Power during the fourth quarter valued at $662,000. Finally, Northern Trust Corp grew its position in Solid Power by 7.4% during the fourth 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. Institutional investors and hedge funds own 33.66% of the company's stock.

About Solid Power

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.