Solid Power (NASDAQ:SLDP) Hits New 52-Week Low – Here’s What Happened

Solid Power, Inc. (NASDAQ:SLDP) shares reached a new 52-week low on Monday. The company traded as low as $1.85 and last traded at $1.93, with a volume of 5,485,319 shares trading hands. The stock had previously closed at $1.9850.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a report on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $6.92.

Solid Power Stock Performance

The firm’s 50 day simple moving average is $2.26 and its 200-day simple moving average is $2.87.

Solid Power (NASDAQ:SLDP) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. Solid Power had a negative net margin of 485.47% and a negative return on equity of 18.35%. The firm had revenue of $1.22 million for the quarter, compared to the consensus estimate of $1.38 million. Equities research analysts anticipate that Solid Power, Inc. will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Solid Power

Several hedge funds have recently modified their holdings of the business. State Street Corp increased its position in shares of Solid Power by 36.4% during the second quarter. State Street Corp now owns 5,787,916 shares of the company’s stock valued at $14,991,000 after purchasing an additional 1,544,134 shares during the period. Dimensional Fund Advisors LP lifted its position in Solid Power by 87.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,618,519 shares of the company’s stock worth $10,852,000 after purchasing an additional 1,683,866 shares during the period. Bank of New York Mellon Corp lifted its position in Solid Power by 4.9% in the first quarter. Bank of New York Mellon Corp now owns 450,866 shares of the company’s stock worth $1,353,000 after purchasing an additional 21,117 shares during the period. Inspire Investing LLC bought a new position in Solid Power in the third quarter worth $636,000. Finally, Squarepoint Ops LLC acquired a new stake in Solid Power during the second quarter worth $535,000. 33.66% of the stock is owned by institutional investors.

Solid Power Company Profile

Solid Power, Inc is a battery technology company that develops all-solid-state rechargeable batteries and the materials used to manufacture them. Its technology is designed to replace conventional liquid or gel electrolytes with solid electrolytes, with the goal of improving battery safety, energy density and performance for electric vehicles and other applications.

The company’s core products and development activities include sulfide-based solid electrolyte materials, solid-state battery cells and related manufacturing processes.