Solid Power (NASDAQ:SLDP) Trading 6.5% Higher – Here’s Why

Solid Power, Inc. (NASDAQ:SLDP)’s stock price was up 6.5% during trading on Wednesday . The stock traded as high as $3.38 and last traded at $3.3560. Approximately 1,423,417 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 4,987,997 shares. The stock had previously closed at $3.15.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SLDP shares. HC Wainwright started coverage on shares of Solid Power in a report on Monday, March 16th. They issued a “buy” rating and a $7.00 price target on the stock. Wall Street Zen lowered shares of Solid Power from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a research report on Thursday, January 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price objective on shares of Solid Power in a research report on Wednesday, January 14th. Finally, Zacks Research upgraded shares of Solid Power to a “hold” rating in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Solid Power presently has an average rating of “Hold” and an average target price of $7.00.

Solid Power Stock Up 4.9%

The business’s 50-day simple moving average is $3.31 and its two-hundred day simple moving average is $4.64. The firm has a market cap of $729.02 million, a price-to-earnings ratio of -6.65 and a beta of 1.94.

Solid Power (NASDAQ:SLDP) last issued its quarterly earnings data on Tuesday, February 24th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.86 million during the quarter, compared to the consensus estimate of $2.50 million. Solid Power had a negative net margin of 429.54% and a negative return on equity of 23.88%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Hsbc Holdings PLC purchased a new position in Solid Power in the 4th quarter valued at about $64,000. Invesco Ltd. lifted its stake in Solid Power by 30.2% in the 4th quarter. Invesco Ltd. now owns 2,796,362 shares of the company’s stock valued at $11,885,000 after buying an additional 648,095 shares in the last quarter. XTX Topco Ltd purchased a new position in Solid Power in the 4th quarter valued at about $354,000. Millennium Management LLC lifted its stake in Solid Power by 57.6% in the 4th quarter. Millennium Management LLC now owns 662,072 shares of the company’s stock valued at $2,814,000 after buying an additional 241,902 shares in the last quarter. Finally, Janus Henderson Group PLC purchased a new position in Solid Power in the 4th quarter valued at about $330,000. Institutional investors and hedge funds own 33.66% of the company’s stock.

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.