Solid Power (NASDAQ:SLDP) Shares Down 7.8% – Time to Sell?

Solid Power, Inc. (NASDAQ:SLDP) shares fell 7.8% during trading on Wednesday . The stock traded as low as $4.98 and last traded at $5.0340. 6,695,207 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 6,037,230 shares. The stock had previously closed at $5.46.

Wall Street Analysts Forecast Growth

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

Solid Power Stock Down 2.7%

The company has a fifty day simple moving average of $5.05 and a 200-day simple moving average of $4.79. The firm has a market cap of $1.04 billion, a P/E ratio of -10.23 and a beta of 1.89.

Solid Power (NASDAQ:SLDP) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. The firm had revenue of $4.56 million for the quarter, compared to the consensus estimate of $3.50 million. Solid Power had a negative return on equity of 24.88% and a negative net margin of 429.55%.

Insiders Place Their Bets

In other Solid Power news, Director Erik J. Anderson sold 30,000 shares of Solid Power stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $5.20, for a total transaction of $156,000.00. Following the transaction, the director owned 157,617 shares of the company’s stock, valued at $819,608.40. The trade was a 15.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.90% of the stock is owned by corporate insiders.

Institutional Trading of Solid Power

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its stake in Solid Power by 3,974.6% in the 3rd quarter. Bank of America Corp DE now owns 6,495,146 shares of the company’s stock worth $22,538,000 after buying an additional 6,335,739 shares in the last quarter. Pure Financial Advisors LLC purchased a new position in shares of Solid Power in the second quarter valued at about $4,668,000. Vanguard Group Inc. boosted 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 acquiring an additional 1,278,324 shares during the period. Tudor Investment Corp ET AL purchased a new stake in shares of Solid Power during the third quarter worth about $1,709,000. Finally, Harvest Investment Services LLC purchased a new stake in shares of Solid Power during the third quarter worth about $1,158,000. 33.66% of the stock is currently owned by 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.