Solid Power (NASDAQ:SLDP) Stock Price Up 7.9% – Here’s What Happened

Solid Power, Inc. (NASDAQ:SLDP) shares were up 7.9% during trading on Thursday . The stock traded as high as $5.42 and last traded at $5.4360. Approximately 3,258,639 shares were traded during mid-day 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

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of Solid Power from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a research note on Wednesday, October 8th. Finally, Needham & Company LLC boosted their target price on Solid Power from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.00.

Solid Power Stock Performance

The firm has a fifty day simple moving average of $5.31 and a 200 day simple moving average of $4.53. The company has a market cap of $1.03 billion, a PE ratio of -10.22 and a beta of 1.89.

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

Insider Buying and Selling at Solid Power

In other news, Director Erik J. Anderson sold 30,000 shares of Solid Power stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $5.20, for a total value of $156,000.00. Following the transaction, the director directly owned 157,617 shares of the company’s stock, valued at $819,608.40. The trade was a 15.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SLDP. Bank of America Corp DE grew its position in Solid Power by 3,974.6% in the third quarter. Bank of America Corp DE now owns 6,495,146 shares of the company’s stock valued at $22,538,000 after acquiring an additional 6,335,739 shares in the last quarter. Pure Financial Advisors LLC acquired a new position in Solid Power in the 2nd quarter worth $4,668,000. Vanguard Group Inc. boosted its position in Solid Power by 15.7% in the 3rd quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company’s stock valued at $32,760,000 after buying an additional 1,278,324 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of Solid Power during the third quarter valued at about $1,709,000. Finally, Harvest Investment Services LLC purchased a new stake in shares of Solid Power during the third quarter worth about $1,158,000. 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.