Solid Power (NASDAQ:SLDP) Sets New 52-Week Low – Here’s Why

Solid Power, Inc. (NASDAQ:SLDP)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $2.37 and last traded at $2.3940, with a volume of 597478 shares trading hands. The stock had previously closed at $2.41.

Analysts Set New Price Targets

A number of research firms have weighed in on SLDP. HC Wainwright began coverage on shares of Solid Power in a research note on Monday, March 16th. They set a “buy” rating and a $7.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a report on Tuesday, April 21st. Zacks Research raised Solid Power to a “hold” rating in a research report on Tuesday, March 17th. Needham & Company LLC reissued a “buy” rating and set a $7.00 price target on shares of Solid Power in a research report on Wednesday, May 6th. Finally, Alliance Global Partners began coverage on Solid Power in a research note on Wednesday, June 10th. They set a “buy” rating and a $6.75 price target for the company. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Solid Power presently has a consensus rating of “Hold” and a consensus target price of $6.92.

Solid Power Stock Performance

The company’s fifty day moving average is $2.97 and its two-hundred day moving average is $3.59. The firm has a market cap of $541.08 million, a price-to-earnings ratio of -4.96 and a beta of 1.90.

Solid Power (NASDAQ:SLDP) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.06. The company had revenue of $3.07 million for the quarter, compared to analyst estimates of $3.33 million. Solid Power had a negative return on equity of 21.57% and a negative net margin of 485.47%. As a group, analysts forecast that Solid Power, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity at Solid Power

In related 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 sale, the director directly owned 243,975 shares in the company, valued at approximately $648,973.50. This trade represents a 13.85% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 5.70% of the company’s stock.

Institutional Trading of Solid Power

Hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP boosted its stake in shares of Solid Power by 4.4% in the fourth quarter. Engineers Gate Manager LP now owns 100,896 shares of the company’s stock valued at $429,000 after purchasing an additional 4,220 shares during the period. Allworth Financial LP increased its stake in Solid Power by 82.6% during the 4th quarter. Allworth Financial LP now owns 11,246 shares of the company’s stock worth $48,000 after buying an additional 5,087 shares during the period. First Trust Advisors LP lifted its holdings in Solid Power by 14.4% in the 1st quarter. First Trust Advisors LP now owns 42,448 shares of the company’s stock worth $127,000 after buying an additional 5,353 shares in the last quarter. LPL Financial LLC lifted its holdings in Solid Power by 22.0% in the 4th quarter. LPL Financial LLC now owns 30,289 shares of the company’s stock worth $129,000 after buying an additional 5,461 shares in the last quarter. Finally, Spire Wealth Management boosted its position in Solid Power by 141.8% in the 4th quarter. Spire Wealth Management now owns 10,879 shares of the company’s stock valued at $46,000 after buying an additional 6,379 shares during the last quarter. Hedge funds and other institutional investors own 33.66% of the company’s stock.

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.