Solid Power Sees Unusually High Options Volume (NASDAQ:SLDP)

Key Points

• Solid Power, Inc. experienced a significant increase in options trading, with 24,793 call options purchased, marking a 289% rise from typical volumes.
• Analysts have mixed views, with Needham & Company raising their target price to $7.00 and a "buy" rating, while Weiss Ratings maintains a "sell" rating.
• Shares of Solid Power rose by 56.2% to $8.77, supported by a trading volume of over 54 million shares, well above the average.

Solid Power, Inc. (NASDAQ:SLDP - Get Free Report) was the recipient of unusually large options trading on Wednesday. Stock traders purchased 24,793 call options on the company. This represents an increase of approximately 289% compared to the typical volume of 6,374 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SLDP shares. Needham & Company LLC increased their target price on Solid Power from $4.00 to $7.00 and gave the stock a "buy" rating in a report on Wednesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Power in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $7.00.

Solid Power Trading Up 56.2%

Shares of NASDAQ SLDP traded up $3.16 during mid-day trading on Wednesday, hitting $8.77. The company had a trading volume of 54,537,763 shares, compared to its average volume of 7,652,667. The company has a market capitalization of $1.59 billion, a PE ratio of -16.80 and a beta of 1.85. The firm has a 50-day simple moving average of $4.90 and a two-hundred day simple moving average of $3.31. Solid Power has a one year low of $0.68 and a one year high of $8.80.

Solid Power (NASDAQ:SLDP - Get Free Report) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.03. The company had revenue of $4.56 million during the quarter, compared to analysts' expectations of $3.50 million. Solid Power had a negative return on equity of 23.13% and a negative net margin of 412.62%.

Hedge Funds Weigh In On Solid Power

Several hedge funds have recently modified their holdings of the stock. Creative Planning bought a new position in Solid Power during the second quarter worth about $26,000. American Century Companies Inc. bought a new position in Solid Power during the second quarter worth about $27,000. Corient Private Wealth LLC bought a new position in Solid Power during the second quarter worth about $31,000. Brown Advisory Inc. bought a new position in Solid Power during the second quarter worth about $33,000. Finally, Fisher Asset Management LLC bought a new position in Solid Power during the second quarter worth about $35,000. Institutional investors 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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