Mitsubishi UFJ Asset Management Co. Ltd. Sells 210,079 Shares of Solid Power, Inc. $SLDP

Mitsubishi UFJ Asset Management Co. Ltd. cut its holdings in Solid Power, Inc. (NASDAQ:SLDP) by 75.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 67,607 shares of the company’s stock after selling 210,079 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Solid Power were worth $314,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Creative Planning purchased a new position in shares of Solid Power in the second quarter valued at about $26,000. American Century Companies Inc. bought a new stake in Solid Power during the 2nd quarter valued at approximately $27,000. Corient Private Wealth LLC purchased a new stake in Solid Power in the second quarter worth about $31,000. Brown Advisory Inc. purchased a new stake in Solid Power in the second quarter worth about $33,000. Finally, AlphaCore Capital LLC purchased a new stake in Solid Power in the third quarter worth about $35,000. Hedge funds and other institutional investors own 33.66% of the company’s stock.

Wall Street Analyst Weigh In

SLDP has been the topic of several analyst reports. HC Wainwright initiated coverage on shares of Solid Power in a research note on Monday, March 16th. They issued a “buy” rating and a $7.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Power in a report on Tuesday, April 21st. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Solid Power in a research report on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Solid Power to a “hold” rating in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Solid Power presently has an average rating of “Hold” and an average price target of $7.00.

Solid Power Stock Performance

SLDP opened at $3.06 on Thursday. The stock has a market capitalization of $674.97 million, a price-to-earnings ratio of -6.37 and a beta of 1.91. The company has a fifty day moving average of $3.19 and a 200 day moving average of $4.35. Solid Power, Inc. has a fifty-two week low of $1.27 and a fifty-two week high of $8.86.

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 the consensus estimate of ($0.12) by $0.06. Solid Power had a negative net margin of 485.47% and a negative return on equity of 21.57%. The company had revenue of $3.07 million during the quarter, compared to analysts’ expectations of $3.33 million. On average, equities research analysts forecast that Solid Power, Inc. will post -0.44 earnings per share for the current year.

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.