SES AI (NYSE:SES) Shares Down 6.4% After Insider Selling

Shares of SES AI Corporation (NYSE:SES) dropped 6.4% during trading on Friday following insider selling activity. The stock traded as low as $2.40 and last traded at $2.4050. Approximately 2,653,911 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 6,769,592 shares. The stock had previously closed at $2.57.

Specifically, insider Hong Gan sold 150,000 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $2.50, for a total transaction of $375,000.00. Following the transaction, the insider directly owned 1,253,286 shares of the company’s stock, valued at $3,133,215. This represents a 10.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hong Gan sold 100,000 shares of SES AI stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $2.50, for a total value of $250,000.00. Following the completion of the sale, the insider directly owned 1,253,286 shares of the company’s stock, valued at $3,133,215. The trade was a 7.39% decrease in their position. The disclosure for this sale is available in the SEC filing.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SES. Cantor Fitzgerald increased their target price on SES AI from $2.00 to $4.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SES AI in a research note on Wednesday. Finally, Wall Street Zen raised shares of SES AI from a “sell” rating to a “hold” rating in a report on Friday. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.00.

SES AI Stock Down 6.8%

The company has a fifty day simple moving average of $2.03 and a 200-day simple moving average of $1.80. The firm has a market cap of $874.35 million, a P/E ratio of -8.55 and a beta of 0.57.

SES AI (NYSE:SES) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $7.12 million during the quarter, compared to the consensus estimate of $4.58 million. SES AI had a negative return on equity of 35.31% and a negative net margin of 490.03%. As a group, research analysts forecast that SES AI Corporation will post -0.23 EPS for the current year.

Hedge Funds Weigh In On SES AI

Several large investors have recently added to or reduced their stakes in the company. Gainplan LLC purchased a new stake in shares of SES AI in the fourth quarter worth $30,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of SES AI during the 3rd quarter valued at $105,000. Lido Advisors LLC bought a new position in SES AI in the 3rd quarter worth $45,000. Bank of America Corp DE increased its stake in SES AI by 1,815.7% in the 3rd quarter. Bank of America Corp DE now owns 55,997 shares of the company’s stock worth $94,000 after buying an additional 53,074 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in SES AI in the 3rd quarter worth $91,000. Hedge funds and other institutional investors own 29.78% of the company’s stock.

SES AI Company Profile

SES AI Corporation engages in the development and production of high-performance Lithium-metal rechargeable batteries for electric vehicles, electric vehicle take-off and landing, and other applications. The company was founded in 2012 and is headquartered in Woburn, Massachusetts.