Solid Power (NASDAQ:SLDP) Shares Up 7.9% – Time to Buy?

Shares of Solid Power, Inc. (NASDAQ:SLDP) were up 7.9% on Thursday . The stock traded as high as $5.42 and last traded at $5.4360. Approximately 3,258,639 shares were traded during trading, a decline of 37% from the average daily volume of 5,137,678 shares. The stock had previously closed at $5.04.

Analyst Upgrades and Downgrades

SLDP has been the topic of a number of research reports. Wall Street Zen lowered shares of Solid Power from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Needham & Company LLC boosted their price target on Solid Power from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings restated 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.00.

Solid Power Stock Performance

The business has a 50-day moving average of $5.31 and a 200-day moving average of $4.53. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -10.22 and a beta of 1.89.

Solid Power (NASDAQ:SLDP) last posted its earnings results on Tuesday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.03. Solid Power had a negative net margin of 429.55% and a negative return on equity of 24.88%. The firm had revenue of $4.56 million during the quarter, compared to the consensus estimate of $3.50 million.

Insider Activity

In other news, Director Erik J. Anderson sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $5.20, for a total value of $156,000.00. Following the completion of the transaction, the director owned 157,617 shares of the company’s stock, valued at approximately $819,608.40. This trade represents a 15.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SLDP. SBI Securities Co. Ltd. raised its stake in shares of Solid Power by 17.2% during the third 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. boosted its holdings 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 acquiring an additional 7,180 shares in the last quarter. Osaic Holdings Inc. increased its stake 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 period. Rhumbline Advisers raised its holdings in Solid Power by 4.9% during the third quarter. Rhumbline Advisers now owns 206,452 shares of the company’s stock worth $716,000 after purchasing an additional 9,675 shares in the last quarter. Finally, AlphaCore Capital LLC acquired a new stake in Solid Power in the third quarter valued at about $35,000. 33.66% of the stock is currently owned by hedge funds and other institutional investors.

Solid Power Company Profile

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.