Solid Power (NASDAQ:SLDP) Reaches New 12-Month Low – Here’s What Happened

Solid Power, Inc. (NASDAQ:SLDPGet Free Report) shares hit a new 52-week low on Tuesday . The company traded as low as $2.21 and last traded at $2.23, with a volume of 3340248 shares. The stock had previously closed at $2.32.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a research note on Tuesday, April 21st. Alliance Global Partners started coverage on shares of Solid Power in a research report on Wednesday, June 10th. They issued a “buy” rating and a $6.75 target price on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $7.00 price target on shares of Solid Power in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Solid Power currently has a consensus rating of “Hold” and an average target price of $6.92.

Read Our Latest Stock Report on SLDP

Solid Power Price Performance

The firm’s fifty day moving average is $2.83 and its 200 day moving average is $3.50. The firm has a market capitalization of $544.45 million, a price-to-earnings ratio of -5.04 and a beta of 1.90.

Solid Power (NASDAQ:SLDPGet Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.07 million for the quarter, compared to analyst estimates of $3.33 million. Equities research analysts forecast that Solid Power, Inc. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at Solid Power

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

Institutional Investors Weigh In On Solid Power

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Solid Power by 15.7% during the third quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company’s stock valued at $32,760,000 after acquiring an additional 1,278,324 shares in the last quarter. Bank of America Corp DE grew its position in 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 worth $22,538,000 after acquiring an additional 6,335,739 shares in the last quarter. Geode Capital Management LLC grew its position in Solid Power by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 4,111,916 shares of the company’s stock worth $17,479,000 after acquiring an additional 268,539 shares in the last quarter. State Street Corp increased its stake 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 during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Solid Power by 87.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,618,519 shares of the company’s stock worth $10,852,000 after purchasing an additional 1,683,866 shares during the last quarter. Institutional investors own 33.66% of the company’s stock.

About Solid Power

(Get Free Report)

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.

Further Reading

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