Solid Power (NASDAQ:SLDP) Trading Up 11.2% - Here's Why

Key Points

• Solid Power's stock price surged 11.2% to $6.70, following a previous close of $6.03, despite a trading volume decline of 13%.
• Analysts have mixed views on Solid Power, with Needham & Company LLC raising their price target to $4.00 and a general consensus rating of "Hold."
• The company reported a quarterly loss of ($0.14) earnings per share, missing estimates but exceeding revenue expectations with $6.49 million in sales.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report)'s share price was up 11.2% on Friday . The stock traded as high as $7.13 and last traded at $6.70. Approximately 5,909,596 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 6,767,794 shares. The stock had previously closed at $6.03.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Power in a research report on Wednesday. Needham & Company LLC upped their price target on shares of Solid Power from $2.00 to $4.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $4.00.

Solid Power Stock Up 4.2%

The stock's 50-day simple moving average is $4.25 and its 200 day simple moving average is $2.64. The firm has a market cap of $1.14 billion, a P/E ratio of -11.97 and a beta of 1.77.

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

Hedge Funds Weigh In On Solid Power

Several institutional investors have recently made changes to their positions in SLDP. Creative Planning acquired a new position in shares of Solid Power during the second quarter valued at about $26,000. American Century Companies Inc. acquired a new position in shares of Solid Power during the second quarter valued at about $27,000. Corient Private Wealth LLC acquired a new stake in shares of Solid Power in the 2nd quarter worth about $31,000. Brown Advisory Inc. acquired a new stake in shares of Solid Power in the 2nd quarter worth about $33,000. Finally, Fisher Asset Management LLC acquired a new stake in shares of Solid Power in the 2nd quarter worth about $35,000. 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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