Solid Power (NASDAQ:SLDP) Sets New 12-Month Low – Here’s What Happened

Solid Power, Inc. (NASDAQ:SLDP)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $2.37 and last traded at $2.3940, with a volume of 597478 shares traded. The stock had previously closed at $2.41.

Wall Street Analysts Forecast Growth

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

Solid Power Price Performance

The firm’s fifty day simple moving average is $2.97 and its 200 day simple moving average is $3.59. The company has a market capitalization of $541.08 million, a price-to-earnings ratio of -4.96 and a beta of 1.90.

Solid Power (NASDAQ:SLDP) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.06) EPS 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 business had revenue of $3.07 million during the quarter, compared to the consensus estimate of $3.33 million. Equities research analysts forecast that Solid Power, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity at Solid Power

In related news, Director Lesa B. Roe sold 39,207 shares of the company’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 of the company’s stock, valued at approximately $648,973.50. The trade was a 13.85% decrease in their ownership of the stock. The transaction was disclosed in a 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. 5.70% of the stock is currently owned by company insiders.

Institutional Trading of Solid Power

A number of hedge funds have recently made changes to their positions in SLDP. Bank of America Corp DE grew its holdings in shares of Solid Power by 3,974.6% during the 3rd 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. Dimensional Fund Advisors LP raised its holdings in shares of Solid Power by 5,305.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,934,653 shares of the company’s stock worth $8,222,000 after acquiring an additional 1,898,859 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Solid Power during the fourth quarter valued at $7,810,000. Vanguard Group Inc. boosted its position in Solid Power by 15.7% during the third quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company’s stock valued at $32,760,000 after purchasing an additional 1,278,324 shares during the last quarter. Finally, State Street Corp grew its stake in Solid Power by 25.9% in the fourth quarter. State Street Corp now owns 4,077,239 shares of the company’s stock valued at $17,328,000 after purchasing an additional 839,471 shares in the last quarter. 33.66% of the stock is owned by hedge funds and other institutional investors.

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.