Solid Power, Inc. (NASDAQ:SLDP) Receives Average Recommendation of “Hold” from Brokerages

Shares of Solid Power, Inc. (NASDAQ:SLDP) have been assigned a consensus recommendation of “Hold” from the five brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $6.9167.

A number of analysts have commented on SLDP shares. Needham & Company LLC restated a “buy” rating and set a $7.00 price target on shares of Solid Power in a research report on Wednesday, May 6th. Alliance Global Partners assumed coverage on shares of Solid Power in a report on Wednesday, June 10th. They issued 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 note on Friday, July 17th.

Hedge Funds Weigh In On Solid Power

Several hedge funds have recently modified their holdings of SLDP. Goldman Sachs Group Inc. raised its stake in shares of Solid Power by 12.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 894,120 shares of the company’s stock worth $939,000 after buying an additional 100,939 shares in the last quarter. Creative Planning acquired a new position in Solid Power during the second quarter worth about $26,000. American Century Companies Inc. acquired a new position in Solid Power during the second quarter worth about $27,000. Prudential Financial Inc. raised its position in Solid Power by 69.7% in the second quarter. Prudential Financial Inc. now owns 17,480 shares of the company’s stock worth $38,000 after acquiring an additional 7,180 shares in the last quarter. Finally, Brown Advisory Inc. bought a new stake in Solid Power in the second quarter worth about $33,000. 33.66% of the stock is currently owned by institutional investors and hedge funds.

Solid Power Stock Performance

Shares of SLDP stock opened at $2.33 on Monday. Solid Power has a 1 year low of $1.98 and a 1 year high of $8.86. The firm has a market capitalization of $531.66 million, a PE ratio of -5.18 and a beta of 1.92. The stock has a fifty day moving average of $2.36 and a two-hundred day moving average of $2.91.

Solid Power (NASDAQ:SLDP) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. The company had revenue of ($0.27) million for the quarter, compared to analyst estimates of $1.55 million. Solid Power had a negative return on equity of 19.69% and a negative net margin of 485.47%. Equities research analysts predict that Solid Power will post -0.39 earnings per share for the current fiscal year.

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.