Solid Power (NASDAQ:SLDP) Sees Strong Trading Volume – Here’s Why

Solid Power, Inc. (NASDAQ:SLDP) saw an uptick in trading volume on Tuesday . 6,552,851 shares changed hands during mid-day trading, an increase of 24% from the previous session’s volume of 5,290,562 shares.The stock last traded at $3.8520 and had previously closed at $3.40.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SLDP. Zacks Research raised shares of Solid Power to a “hold” rating in a research report on Tuesday, March 17th. HC Wainwright began coverage on Solid Power in a report on Monday, March 16th. They issued a “buy” rating and a $7.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $7.00 price objective on shares of Solid Power in a report on Wednesday, January 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $7.00.

Solid Power Stock Up 5.4%

The company has a market capitalization of $790.78 million, a P/E ratio of -7.19 and a beta of 1.94. The firm has a 50-day moving average price of $3.26 and a two-hundred day moving average price of $4.63.

Solid Power (NASDAQ:SLDP) last issued its earnings results on Tuesday, February 24th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.86 million during the quarter, compared to analysts’ expectations of $2.50 million. Solid Power had a negative return on equity of 23.88% and a negative net margin of 429.54%. On average, analysts predict that Solid Power, Inc. will post -0.52 EPS for the current fiscal year.

Institutional Trading of Solid Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of Solid Power by 12.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 894,120 shares of the company’s stock valued at $939,000 after purchasing an additional 100,939 shares in the last quarter. Creative Planning acquired a new position in Solid Power in the 2nd quarter valued at $26,000. American Century Companies Inc. acquired a new stake in shares of Solid Power during the 2nd quarter worth $27,000. Prudential Financial Inc. grew its stake in Solid Power by 69.7% during the second quarter. Prudential Financial Inc. now owns 17,480 shares of the company’s stock worth $38,000 after buying an additional 7,180 shares in the last quarter. Finally, Brown Advisory Inc. acquired a new stake in Solid Power in the second quarter valued at about $33,000. 33.66% of the stock is currently 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.