Needham & Company LLC Reaffirms Buy Rating for Solid Power (NASDAQ:SLDP)

Solid Power (NASDAQ:SLDP)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $7.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 24.33% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Power in a research note on Wednesday, October 8th. Wall Street Zen lowered Solid Power from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Solid Power presently has a consensus rating of “Hold” and an average target price of $7.00.

Solid Power Stock Down 2.8%

Shares of NASDAQ:SLDP opened at $5.63 on Wednesday. Solid Power has a 52-week low of $0.68 and a 52-week high of $8.86. The stock has a market cap of $1.08 billion, a P/E ratio of -10.62 and a beta of 1.89. The business has a fifty day moving average of $5.19 and a two-hundred day moving average of $4.66.

Solid Power (NASDAQ:SLDP) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating 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 firm had revenue of $4.56 million for the quarter, compared to analysts’ expectations of $3.50 million.

Insider Transactions at Solid Power

In other Solid Power news, Director Erik J. Anderson sold 30,000 shares of the business’s stock in a transaction that occurred 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 sale, 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 this link. 4.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Solid Power

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning purchased a new position in Solid Power during the 2nd quarter valued at about $26,000. American Century Companies Inc. acquired a new stake in shares of Solid Power during the second quarter worth about $27,000. Corient Private Wealth LLC purchased a new position in shares of Solid Power in the second quarter valued at approximately $31,000. Brown Advisory Inc. acquired a new position in shares of Solid Power in the second quarter valued at approximately $33,000. Finally, Fisher Asset Management LLC purchased a new stake in Solid Power during the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 33.66% of the company’s stock.

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.