Solid Power (NASDAQ:SLDP) Sets New 1-Year Low – Here’s What Happened

Solid Power, Inc. (NASDAQ:SLDP)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $2.21 and last traded at $2.23, with a volume of 3340248 shares traded. The stock had previously closed at $2.32.

Analyst Ratings Changes

Several research firms recently issued reports on SLDP. Alliance Global Partners started coverage on shares of Solid Power in a research report on Wednesday, June 10th. They issued a “buy” rating and a $6.75 price target for the company. Zacks Research upgraded shares of Solid Power to a “hold” rating in a report on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a research note on Tuesday, April 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Solid Power in a research note on Wednesday, May 6th. Finally, HC Wainwright assumed coverage on shares of Solid Power in a report on Monday, March 16th. They set a “buy” rating and a $7.00 price objective for the company. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Solid Power presently has an average rating of “Hold” and a consensus target price of $6.92.

Solid Power Stock Down 3.9%

The stock has a market capitalization of $501.71 million, a PE ratio of -4.65 and a beta of 1.90. The firm has a 50 day moving average price of $2.88 and a 200 day moving average price of $3.53.

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

Insiders Place Their Bets

In other Solid Power news, Director Lesa B. Roe sold 39,207 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $2.66, for a total transaction of $104,290.62. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 5.70% of the company’s stock.

Institutional Trading of Solid Power

Several institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning bought a new position in shares of Solid Power during the second quarter valued at about $26,000. American Century Companies Inc. bought a new stake in Solid Power in the 2nd quarter worth about $27,000. Corient Private Wealth LLC bought a new stake in Solid Power in the 2nd quarter worth about $31,000. Elevation Point Wealth Partners LLC purchased a new stake in Solid Power in the 1st quarter valued at about $32,000. Finally, Amundi purchased a new stake in Solid Power in the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 33.66% of the company’s stock.

About Solid Power

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.