Solid Power (NASDAQ:SLDP) Trading Down 11.5% – Should You Sell?

Solid Power, Inc. (NASDAQ:SLDP)’s stock price traded down 11.5% on Thursday . The stock traded as low as $2.95 and last traded at $2.9650. 8,565,193 shares traded hands during trading, an increase of 46% from the average session volume of 5,865,051 shares. The stock had previously closed at $3.35.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a report on Tuesday, April 21st. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Solid Power in a report on Wednesday. HC Wainwright assumed coverage on Solid Power in a report on Monday, March 16th. They set a “buy” rating and a $7.00 price objective on the stock. Finally, Zacks Research upgraded Solid Power to a “hold” rating in a report on Tuesday, March 17th. Two 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 company’s stock. Based on data from MarketBeat.com, Solid Power currently has a consensus rating of “Hold” and an average target price of $7.00.

Solid Power Stock Performance

The stock has a 50-day moving average of $3.25 and a 200-day moving average of $4.45. The firm has a market cap of $644.09 million, a price-to-earnings ratio of -6.08 and a beta of 1.91.

Solid Power (NASDAQ:SLDP) last announced its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.06. Solid Power had a negative return on equity of 23.46% and a negative net margin of 485.47%.The business had revenue of $3.07 million for the quarter, compared to analyst estimates of $3.33 million. Sell-side analysts predict that Solid Power, Inc. will post -0.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in shares of Solid Power by 87.0% during the 1st 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 last quarter. Bank of New York Mellon Corp increased its position in shares of Solid Power by 4.9% during the 1st 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 last quarter. Abel Hall LLC acquired a new position in shares of Solid Power during the 1st quarter worth approximately $36,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Solid Power during the 1st quarter worth approximately $32,000. Finally, Ground Swell Capital LLC acquired a new position in shares of Solid Power during the 1st quarter worth approximately $51,000. 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.