Solid Power (NASDAQ:SLDP) Stock Price Down 8% – What’s Next?

Solid Power, Inc. (NASDAQ:SLDP)’s stock price fell 8% during mid-day trading on Wednesday . The stock traded as low as $3.32 and last traded at $3.34. 3,244,430 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 6,087,806 shares. The stock had previously closed at $3.63.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SLDP. HC Wainwright began coverage on shares of Solid Power in a research report on Monday, March 16th. They set a “buy” rating and a $7.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research report on Tuesday, April 21st. Zacks Research upgraded shares of Solid Power to a “hold” rating in a research report on Tuesday, March 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $7.00 target price on shares of Solid Power in a research report on Wednesday, May 6th. Two equities research 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. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.00.

Solid Power Price Performance

The firm has a 50 day moving average price of $3.17 and a 200 day moving average price of $3.98. The stock has a market cap of $746.93 million, a P/E ratio of -6.92 and a beta of 1.87.

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

Insider Activity at Solid Power

In other news, Director Lesa B. Roe sold 39,207 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $2.66, for a total value of $104,290.62. Following the transaction, the director owned 243,975 shares of the company’s stock, valued at $648,973.50. This trade represents a 13.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Solid Power by 15.7% in the third quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company’s stock worth $32,760,000 after buying an additional 1,278,324 shares during the period. Bank of America Corp DE grew its position in shares of Solid Power by 3,974.6% during the third quarter. Bank of America Corp DE now owns 6,495,146 shares of the company’s stock worth $22,538,000 after purchasing an additional 6,335,739 shares in the last quarter. Riverstone Holdings LLC grew its position in shares of Solid Power by 3.7% during the third quarter. Riverstone Holdings LLC now owns 4,714,816 shares of the company’s stock worth $16,360,000 after purchasing an additional 169,709 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Solid Power by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 4,111,916 shares of the company’s stock worth $17,479,000 after purchasing an additional 268,539 shares in the last quarter. Finally, State Street Corp grew its position in shares of Solid Power by 25.9% during the fourth quarter. State Street Corp now owns 4,077,239 shares of the company’s stock worth $17,328,000 after purchasing an additional 839,471 shares in the last quarter. Institutional investors 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.