Alliance Global Partners Initiates Coverage on Solid Power (NASDAQ:SLDP)

Alliance Global Partners initiated coverage on shares of Solid Power (NASDAQ:SLDP) in a research note issued to investors on Wednesday. The brokerage set a “buy” rating and a $6.75 price target on the stock. Alliance Global Partners’ target price would suggest a potential upside of 141.07% from the stock’s current price.

SLDP has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a research note on Tuesday, April 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price objective on shares of Solid Power in a report on Wednesday, May 6th. HC Wainwright initiated coverage on Solid Power in a research report on Monday, March 16th. They set a “buy” rating and a $7.00 target price on the stock. Finally, Zacks Research raised Solid Power to a “hold” rating in a report on Tuesday, March 17th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.92.

Solid Power Stock Down 5.1%

Shares of SLDP opened at $2.80 on Wednesday. The stock has a 50 day moving average price of $3.16 and a 200 day moving average price of $3.92. The company has a market capitalization of $629.94 million, a price-to-earnings ratio of -5.83 and a beta of 1.87. Solid Power has a 52-week low of $1.46 and a 52-week high of $8.86.

Solid Power (NASDAQ:SLDP) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.06. Solid Power had a negative net margin of 485.47% and a negative return on equity of 21.57%. The company had revenue of $3.07 million for the quarter, compared to analysts’ expectations of $3.33 million. On average, equities analysts anticipate that Solid Power will post -0.44 EPS for the current fiscal year.

Insider Activity at Solid Power

In other news, Director Lesa B. Roe sold 39,207 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $2.66, for a total transaction of $104,290.62. Following the completion of the sale, the director owned 243,975 shares in the company, valued at approximately $648,973.50. This represents a 13.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 5.70% of the company’s stock.

Institutional Trading of Solid Power

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Solid Power by 15.7% in the 3rd quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company’s stock valued at $32,760,000 after purchasing an additional 1,278,324 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Solid Power by 3,974.6% in the third quarter. Bank of America Corp DE now owns 6,495,146 shares of the company’s stock valued at $22,538,000 after acquiring an additional 6,335,739 shares in the last quarter. Riverstone Holdings LLC boosted its holdings in Solid Power by 3.7% in the 3rd quarter. Riverstone Holdings LLC now owns 4,714,816 shares of the company’s stock valued at $16,360,000 after purchasing an additional 169,709 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Solid Power by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 4,111,916 shares of the company’s stock valued at $17,479,000 after buying an additional 268,539 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Solid Power by 25.9% during the 4th quarter. State Street Corp now owns 4,077,239 shares of the company’s stock worth $17,328,000 after purchasing an additional 839,471 shares in the last quarter. 33.66% of the stock is owned by institutional investors and hedge funds.

About Solid Power

Solid Power, Inc (NASDAQ: SLDP) is a Colorado-based company specializing in the development and manufacturing of all-solid-state rechargeable battery cells for the electric vehicle (EV) and aerospace industries. Founded in 2012 as a spin-out from the University of Colorado Boulder, Solid Power has focused on advancing solid electrolytes and high-energy battery architectures to deliver improved safety, higher energy density and longer cycle life compared with traditional lithium-ion batteries.

The company’s core offerings include multilayer solid-state battery cells that utilize sulfide-based solid electrolytes and high-capacity cathode materials.