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

Solid Power (NASDAQ:SLDP)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $7.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 25.00% from the stock’s current price.

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

Solid Power Stock Up 2.9%

NASDAQ SLDP opened at $5.60 on Wednesday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -10.57 and a beta of 1.89. Solid Power has a twelve month low of $0.68 and a twelve month high of $8.86. The business’s fifty day moving average is $5.27 and its 200 day moving average is $4.64.

Solid Power (NASDAQ:SLDP) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.03. The company had revenue of $4.56 million during the quarter, compared to the consensus estimate of $3.50 million. Solid Power had a negative return on equity of 24.88% and a negative net margin of 429.55%.

Insider Activity at Solid Power

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

Hedge Funds Weigh In On Solid Power

Several hedge funds and other institutional investors have recently bought and sold shares of SLDP. SBI Securities Co. Ltd. boosted its holdings in shares of Solid Power by 17.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company’s stock worth $131,000 after buying an additional 5,526 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Solid Power by 69.7% during the second quarter. Prudential Financial Inc. now owns 17,480 shares of the company’s stock worth $38,000 after acquiring an additional 7,180 shares in the last quarter. Osaic Holdings Inc. raised its stake in shares of Solid Power by 9.0% in the second quarter. Osaic Holdings Inc. now owns 92,809 shares of the company’s stock worth $203,000 after purchasing an additional 7,683 shares during the last quarter. Rhumbline Advisers raised its position in Solid Power by 4.9% in the 3rd quarter. Rhumbline Advisers now owns 206,452 shares of the company’s stock valued at $716,000 after buying an additional 9,675 shares during the last quarter. Finally, AlphaCore Capital LLC bought a new position in shares of Solid Power during the third quarter valued at about $35,000. Institutional investors and hedge funds own 33.66% of the company’s stock.

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.