Solid Power (NASDAQ:SLDP) Trading Up 8.8% - Here's Why

Key Points

• Solid Power's stock price increased by 8.8% during mid-day trading on Monday, reaching $3.38, with a trading volume of approximately 4.86 million shares.
• The company reported $6.02 million in revenue for its latest quarter, surpassing analyst expectations, and had a negative net margin of 447.80% and a P/E ratio of -6.61.
• Recent insider transactions included significant share sales by top executives, resulting in a 10.82% decrease in ownership for one director and a 40.94% decrease for another.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) shot up 8.8% during mid-day trading on Monday . The stock traded as high as $3.38 and last traded at $3.38. 4,861,775 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 5,056,324 shares. The stock had previously closed at $3.11.

Analysts Set New Price Targets

Separately, Needham & Company LLC boosted their price objective on Solid Power from $2.00 to $4.00 and gave the company a "buy" rating in a research report on Thursday.

Solid Power Stock Performance

The firm has a market cap of $730.90 million, a price-to-earnings ratio of -7.88 and a beta of 1.80. The stock's fifty day moving average is $2.59 and its two-hundred day moving average is $1.70.

Solid Power (NASDAQ:SLDP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm had revenue of $6.49 million during the quarter, compared to the consensus estimate of $5.00 million. Solid Power had a negative return on equity of 22.50% 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 firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $1.69, for a total transaction of $49,010.00. Following the transaction, the director directly owned 239,049 shares of the company's stock, valued at approximately $403,992.81. This trade represents a 10.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven H. Goldberg sold 82,365 shares of Solid Power stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Yaupon Capital Management LP boosted its holdings in shares of Solid Power by 709.1% in the first quarter. Yaupon Capital Management LP now owns 3,560,365 shares of the company's stock worth $3,738,000 after buying an additional 3,120,316 shares during the period. Pure Financial Advisors LLC acquired a new position in Solid Power in the 2nd quarter worth approximately $4,668,000. Vanguard Group Inc. grew its position in Solid Power by 12.3% during the 4th quarter. Vanguard Group Inc. now owns 8,353,470 shares of the company's stock worth $15,788,000 after purchasing an additional 912,649 shares in the last quarter. Nuveen LLC purchased a new position in Solid Power during the 1st quarter worth approximately $590,000. Finally, Bridgeway Capital Management LLC acquired a new stake in Solid Power during the 4th quarter valued at $662,000. 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.