Solid Power (NASDAQ:SLDP) Given New $7.00 Price Target at Needham & Company LLC

Solid Power (NASDAQ:SLDP) had its price target raised by Needham & Company LLC from $4.00 to $7.00 in a research note published on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Solid Power currently has a consensus rating of “Hold” and a consensus target price of $7.00.

Solid Power Stock Up 51.7%

NASDAQ SLDP opened at $8.51 on Wednesday. Solid Power has a 52 week low of $0.68 and a 52 week high of $8.86. The business’s fifty day simple moving average is $4.98 and its 200-day simple moving average is $3.35. The firm has a market cap of $1.54 billion, a PE ratio of -16.06 and a beta of 1.85.

Solid Power (NASDAQ:SLDP) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. Solid Power had a negative return on equity of 24.70% and a negative net margin of 429.55%.The business had revenue of $4.56 million for the quarter, compared to analyst estimates of $3.50 million.

Hedge Funds Weigh In On Solid Power

Institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in Solid Power in the 3rd quarter valued at about $37,000. Creative Planning acquired a new position in Solid Power in the 2nd quarter valued at about $26,000. American Century Companies Inc. acquired a new position in Solid Power in the 2nd quarter valued at about $27,000. Corient Private Wealth LLC acquired a new position in Solid Power in the 2nd quarter valued at about $31,000. Finally, Brown Advisory Inc. acquired a new position in Solid Power in the 2nd quarter valued at about $33,000. 33.66% of the stock is owned by institutional investors and hedge funds.

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.