Solid Power (NASDAQ:SLDP) Stock Price Up 8.6% on Better-Than-Expected Earnings

Shares of Solid Power, Inc. (NASDAQ:SLDP) rose 8.6% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $3.90 and last traded at $3.8430. Approximately 2,231,459 shares changed hands during trading, a decline of 62% from the average daily volume of 5,817,447 shares. The stock had previously closed at $3.54.

The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.02. Solid Power had a negative net margin of 429.55% and a negative return on equity of 24.88%. The business had revenue of ($0.20) million for the quarter, compared to analyst estimates of $2.50 million.

Analyst Upgrades and Downgrades

SLDP has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Solid Power from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $7.00 price objective on shares of Solid Power in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Solid Power currently has an average rating of “Hold” and a consensus price target of $7.00.

Insider Buying and Selling

In other Solid Power news, Director Erik J. Anderson sold 30,000 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $5.20, for a total value of $156,000.00. Following the transaction, the director owned 157,617 shares in the company, valued at approximately $819,608.40. This trade represents a 15.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Solid Power

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Solid Power by 3,974.6% in the third 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. Dimensional Fund Advisors LP raised its holdings in Solid Power by 5,305.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,934,653 shares of the company’s stock valued at $8,222,000 after acquiring an additional 1,898,859 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Solid Power in the 4th quarter worth approximately $7,810,000. Vanguard Group Inc. boosted its holdings in shares of Solid Power by 15.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company’s stock worth $32,760,000 after purchasing an additional 1,278,324 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Solid Power by 25.9% during the 4th 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 during the last quarter. 33.66% of the stock is currently owned by institutional investors and hedge funds.

Solid Power Stock Up 7.2%

The firm has a market capitalization of $724.92 million, a PE ratio of -7.22 and a beta of 1.89. The business has a 50-day moving average price of $4.56 and a 200-day moving average price of $4.90.

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.