Solid Power (NASDAQ:SLDP) Shares Gap Up – Here’s Why

Shares of Solid Power, Inc. (NASDAQ:SLDP) gapped up before the market opened on Monday . The stock had previously closed at $6.86, but opened at $7.48. Solid Power shares last traded at $7.6850, with a volume of 7,120,182 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SLDP. Needham & Company LLC boosted their price objective on Solid Power from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research note 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, the company presently has a consensus rating of “Hold” and an average target price of $7.00.

Solid Power Trading Up 8.7%

The stock has a market cap of $1.35 billion, a P/E ratio of -14.12 and a beta of 1.85. The stock has a 50 day simple moving average of $5.07 and a 200 day simple moving average of $3.45.

Solid Power (NASDAQ:SLDP) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $4.56 million for the quarter, compared to analysts’ expectations of $3.50 million. Solid Power had a negative return on equity of 24.88% and a negative net margin of 429.55%.

Institutional Trading of Solid Power

Several large investors have recently made changes to their positions in SLDP. SBI Securities Co. Ltd. raised its position in Solid Power by 17.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company’s stock worth $131,000 after purchasing an additional 5,526 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Solid Power by 69.7% in the second quarter. Prudential Financial Inc. now owns 17,480 shares of the company’s stock valued at $38,000 after buying an additional 7,180 shares during the period. Osaic Holdings Inc. raised its position in shares of Solid Power by 9.0% during the second quarter. Osaic Holdings Inc. now owns 92,809 shares of the company’s stock worth $203,000 after acquiring an additional 7,683 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Solid Power by 4.9% in the third quarter. Rhumbline Advisers now owns 206,452 shares of the company’s stock worth $716,000 after acquiring an additional 9,675 shares during the period. Finally, Principal Financial Group Inc. bought a new stake in Solid Power in the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 33.66% of the company’s stock.

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.