SES AI (NYSE:SES) Shares Down 6.4% – Here’s What Happened

SES AI Corporation (NYSE:SES)’s stock price dropped 6.4% during mid-day trading on Friday . The company traded as low as $2.40 and last traded at $2.4050. Approximately 2,653,911 shares changed hands during trading, a decline of 61% from the average daily volume of 6,769,592 shares. The stock had previously closed at $2.57.

Analyst Ratings Changes

Several research analysts recently commented on SES shares. Weiss Ratings restated a “sell (d-)” rating on shares of SES AI in a report on Wednesday. Cantor Fitzgerald increased their price objective on shares of SES AI from $2.00 to $4.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.00.

SES AI Stock Performance

The firm has a fifty day moving average of $2.02 and a 200 day moving average of $1.79. The firm has a market capitalization of $896.25 million, a PE ratio of -8.73 and a beta of 0.57.

SES AI (NYSE:SES) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $7.12 million during the quarter, compared to analyst estimates of $4.58 million. SES AI had a negative net margin of 490.03% and a negative return on equity of 35.31%. Research analysts forecast that SES AI Corporation will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Hong Gan sold 100,000 shares of SES AI stock in a transaction on Monday, December 15th. The shares were sold at an average price of $1.98, for a total transaction of $198,000.00. Following the sale, the insider owned 1,253,286 shares of the company’s stock, valued at $2,481,506.28. The trade was a 7.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 13.80% of the company’s stock.

Hedge Funds Weigh In On SES AI

A number of institutional investors have recently added to or reduced their stakes in SES. AQR Capital Management LLC grew its stake in shares of SES AI by 2,314.7% during the first quarter. AQR Capital Management LLC now owns 1,138,003 shares of the company’s stock valued at $593,000 after acquiring an additional 1,090,875 shares in the last quarter. Voya Investment Management LLC purchased a new position in SES AI in the first quarter valued at about $31,000. Farther Finance Advisors LLC purchased a new position in SES AI in the second quarter valued at about $125,000. Sitrin Capital Management LLC grew its stake in SES AI by 50.0% during the 2nd quarter. Sitrin Capital Management LLC now owns 60,000 shares of the company’s stock valued at $53,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Callan Family Office LLC purchased a new stake in SES AI during the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 29.78% of the company’s stock.

About SES AI

SES AI Corporation engages in the development and production of high-performance Lithium-metal rechargeable batteries for electric vehicles, electric vehicle take-off and landing, and other applications. The company was founded in 2012 and is headquartered in Woburn, Massachusetts.