Solid Power (NASDAQ:SLDP) Hits New 52-Week High After Earnings Beat

Solid Power, Inc. (NASDAQ:SLDP)’s stock price hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $8.12 and last traded at $8.39, with a volume of 17450360 shares changing hands. The stock had previously closed at $5.61.

The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.03. Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%. The firm had revenue of $4.56 million during the quarter, compared to analysts’ expectations of $3.50 million.

Analyst Upgrades and Downgrades

SLDP has been the subject of several analyst reports. Needham & Company LLC boosted their target price on shares of Solid Power from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $7.00.

Institutional Investors Weigh In On Solid Power

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

Solid Power Price Performance

The stock’s fifty day moving average price is $4.90 and its 200-day moving average price is $3.31. The firm has a market cap of $1.52 billion, a PE ratio of -16.00 and a beta of 1.85.

Solid Power Company Profile

Solid Power, Inc develops solid state battery technologies for the electric vehicles (EV) and other markets in the United States. The company sells its sulfide-based solid electrolyte; and licenses its solid-state cell designs and manufacturing processes. It also produces and sells 0.2, 2, 20 ampere-hour (Ah), and EV cells.