Solid Power (NASDAQ:SLDP) Trading 8.6% Higher Following Earnings Beat

Solid Power, Inc. (NASDAQ:SLDP) rose 8.6% on Wednesday following a stronger than expected earnings report. The company traded as high as $3.90 and last traded at $3.8430. Approximately 2,231,459 shares traded 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. Solid Power had a negative net margin of 429.54% and a negative return on equity of 24.39%. The company had revenue of ($0.20) million for the quarter, compared to analyst estimates of $2.50 million.

Wall Street Analyst Weigh In

SLDP has been the subject of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price objective on shares of Solid Power in a research report on Wednesday, January 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research note on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of 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 assigned a Sell rating to the stock. According to MarketBeat, Solid Power presently has an average rating of “Hold” and a consensus target price of $7.00.

Insiders Place Their Bets

In other Solid Power news, Director Erik J. Anderson sold 30,000 shares of the 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 completion of the transaction, the director owned 157,617 shares in the company, valued at approximately $819,608.40. This represents a 15.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Solid Power

Several hedge funds and other institutional investors have recently bought and sold shares of SLDP. Engineers Gate Manager LP boosted its position in Solid Power by 4.4% during the fourth quarter. Engineers Gate Manager LP now owns 100,896 shares of the company’s stock worth $429,000 after purchasing an additional 4,220 shares in the last quarter. Allworth Financial LP raised its stake in shares of Solid Power by 82.6% during the 4th quarter. Allworth Financial LP now owns 11,246 shares of the company’s stock worth $48,000 after buying an additional 5,087 shares during the last quarter. LPL Financial LLC boosted its position in shares of Solid Power by 22.0% in the 4th quarter. LPL Financial LLC now owns 30,289 shares of the company’s stock worth $129,000 after buying an additional 5,461 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in Solid Power by 17.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company’s stock valued at $131,000 after acquiring an additional 5,526 shares during the last quarter. Finally, Spire Wealth Management increased its holdings in Solid Power by 141.8% during the 4th quarter. Spire Wealth Management now owns 10,879 shares of the company’s stock valued at $46,000 after acquiring an additional 6,379 shares in the last quarter. 33.66% of the stock is owned by institutional investors and hedge funds.

Solid Power Price Performance

The company has a market cap of $735.43 million, a price-to-earnings ratio of -7.70 and a beta of 1.89. The business’s 50-day simple moving average is $4.53 and its 200-day simple moving average is $4.89.

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.