Solid Power (NASDAQ:SLDP) Shares Up 8.6% on Better-Than-Expected Earnings

Solid Power, Inc. (NASDAQ:SLDP)’s stock price traded up 8.6% on Wednesday following a better than expected earnings announcement. The stock traded as high as $3.90 and last traded at $3.8430. 2,231,459 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 5,817,447 shares. The stock had previously closed at $3.54.

The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. Solid Power had a negative return on equity of 24.88% and a negative net margin of 429.55%.The business had revenue of ($0.20) million during the quarter, compared to the consensus estimate of $2.50 million.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SLDP. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price target on shares of Solid Power in a research report on Wednesday, January 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Power in a research note on Thursday, January 22nd. Finally, Wall Street Zen lowered Solid Power from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.00.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Solid Power

Several institutional investors and hedge funds have recently modified their holdings of SLDP. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Solid Power in the 2nd quarter valued at about $686,000. Daymark Wealth Partners LLC acquired a new position in shares of Solid Power in the second quarter valued at approximately $130,000. SG Americas Securities LLC increased its stake in Solid Power by 507.3% during the 3rd quarter. SG Americas Securities LLC now owns 118,439 shares of the company’s stock worth $411,000 after buying an additional 98,938 shares during the period. XTX Topco Ltd purchased a new stake in Solid Power during the 2nd quarter worth approximately $300,000. Finally, BBR Partners LLC acquired a new stake in Solid Power during the 3rd quarter worth approximately $512,000. Hedge funds and other institutional investors own 33.66% of the company’s stock.

Solid Power Stock Performance

The company’s 50-day simple moving average is $4.56 and its 200 day simple moving average is $4.90. The company has a market cap of $724.92 million, a PE ratio of -7.22 and a beta of 1.89.

About Solid Power

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.