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

Shares of Solid Power, Inc. (NASDAQ:SLDP) gapped up before the market opened on Thursday . The stock had previously closed at $5.26, but opened at $5.51. Solid Power shares last traded at $5.68, with a volume of 4,715,641 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SLDP shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a report on Thursday. Needham & Company LLC restated a “buy” rating and set a $7.00 price target on shares of Solid Power in a research note on Wednesday, January 14th. Finally, Wall Street Zen lowered shares of Solid Power from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $7.00.

Solid Power Trading Down 2.7%

The stock has a market capitalization of $1.04 billion, a P/E ratio of -10.23 and a beta of 1.89. The company’s fifty day simple moving average is $5.05 and its 200 day simple moving average is $4.79.

Solid Power (NASDAQ:SLDP) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $4.56 million during the quarter, compared to analyst estimates of $3.50 million.

Insider Activity at Solid Power

In other news, Director Erik J. Anderson sold 30,000 shares of the stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $5.20, for a total transaction of $156,000.00. Following the transaction, the director directly owned 157,617 shares in the company, valued at approximately $819,608.40. This represents a 15.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Solid Power

Large investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. grew its holdings in Solid Power by 17.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company’s stock worth $131,000 after acquiring an additional 5,526 shares during the last quarter. Spire Wealth Management grew its stake in shares of Solid Power by 141.8% in the fourth quarter. Spire Wealth Management now owns 10,879 shares of the company’s stock worth $46,000 after purchasing an additional 6,379 shares during the last quarter. Prudential Financial Inc. grew 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 worth $38,000 after purchasing an additional 7,180 shares during the last quarter. Osaic Holdings Inc. increased its holdings in Solid Power by 9.0% during the 2nd quarter. Osaic Holdings Inc. now owns 92,809 shares of the company’s stock valued at $203,000 after purchasing an additional 7,683 shares during the period. Finally, Rhumbline Advisers raised its position in Solid Power by 4.9% during the 3rd quarter. Rhumbline Advisers now owns 206,452 shares of the company’s stock valued at $716,000 after purchasing an additional 9,675 shares during the last quarter. 33.66% of the stock is 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.