Solid Power (NASDAQ:SLDP) Shares Gap Up – Here’s What Happened

Solid Power, Inc. (NASDAQ:SLDP)’s share price gapped up prior to trading 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.

Analysts Set New Price Targets

A number of analysts have weighed in on SLDP shares. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Solid Power in a research report on Wednesday, January 14th. Wall Street Zen lowered shares of Solid Power from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Power in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Solid Power Trading Up 5.9%

The firm’s 50-day moving average price is $5.07 and its 200 day moving average price is $4.76. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -10.51 and a beta of 1.89.

Solid Power (NASDAQ:SLDP) last issued 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. Solid Power had a negative net margin of 429.55% and a negative return on equity of 24.88%. The business had revenue of $4.56 million for the quarter, compared to analyst estimates of $3.50 million.

Insider Activity at Solid Power

In related news, Director Erik J. Anderson sold 30,000 shares of the business’s 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 completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Solid Power

Institutional investors and hedge funds have recently modified their holdings of the stock. AlphaCore Capital LLC purchased a new position in shares of Solid Power during the third quarter valued at approximately $35,000. GEM Asset Management LLC bought a new position in Solid Power during the 4th quarter valued at $42,000. Principal Financial Group Inc. purchased a new position in Solid Power during the 3rd quarter worth $37,000. Spire Wealth Management grew its stake in shares of Solid Power by 141.8% in the 4th quarter. Spire Wealth Management now owns 10,879 shares of the company’s stock worth $46,000 after acquiring an additional 6,379 shares in the last quarter. Finally, Ground Swell Capital LLC purchased a new stake in shares of Solid Power in the third quarter valued at about $39,000. 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.