Solid Power (NASDAQ:SLDP) Shares Down 7.8% – Here’s Why

Solid Power, Inc. (NASDAQ:SLDP)’s stock price fell 7.8% during trading on Wednesday . The stock traded as low as $4.98 and last traded at $5.0340. 6,695,207 shares changed hands during mid-day trading, an increase of 11% from the average session volume of 6,037,230 shares. The stock had previously closed at $5.46.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SLDP shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a research report on Wednesday, October 8th. Wall Street Zen downgraded Solid Power from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Finally, 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, January 14th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.00.

Solid Power Stock Down 3.7%

The stock’s 50 day moving average price is $5.10 and its two-hundred day moving average price is $4.76. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -9.92 and a beta of 1.89.

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

Insider Buying and Selling

In other Solid Power news, Director Erik J. Anderson sold 30,000 shares of Solid Power 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 sale, the director directly owned 157,617 shares in the company, valued at $819,608.40. The trade was a 15.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Solid Power

Institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning bought a new stake in Solid Power in the second quarter worth $26,000. American Century Companies Inc. acquired a new stake in shares of Solid Power in the second quarter worth about $27,000. Corient Private Wealth LLC bought a new stake in shares of Solid Power during the 2nd quarter worth about $31,000. Brown Advisory Inc. acquired a new position in shares of Solid Power during the 2nd quarter valued at about $33,000. Finally, Fisher Asset Management LLC bought a new position in shares of Solid Power in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds 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.