Solid Power’s (SLDP) Buy Rating Reaffirmed at Needham & Company LLC

Solid Power (NASDAQ:SLDP)‘s stock had its “buy” rating restated by Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They presently have a $3.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 67.60% from the company’s current price.

A number of other analysts also recently weighed in on SLDP. DA Davidson reiterated a “neutral” rating and set a $3.00 price target on shares of Solid Power in a report on Tuesday, March 5th. Chardan Capital reaffirmed a “buy” rating and set a $5.00 target price on shares of Solid Power in a research note on Wednesday, February 28th.

Solid Power Price Performance

Solid Power stock opened at $1.79 on Wednesday. The stock’s 50 day moving average is $1.67 and its 200 day moving average is $1.53. Solid Power has a one year low of $1.10 and a one year high of $3.20. The firm has a market cap of $324.15 million, a P/E ratio of -4.84 and a beta of 1.79.

Solid Power (NASDAQ:SLDP) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). Solid Power had a negative net margin of 376.47% and a negative return on equity of 12.55%. The firm had revenue of $2.35 million during the quarter, compared to analyst estimates of $4.14 million. Equities analysts anticipate that Solid Power will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Solid Power

In other news, CTO Joshua Buettner-Garrett sold 187,500 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $1.86, for a total transaction of $348,750.00. Following the transaction, the chief technology officer now owns 692,993 shares of the company’s stock, valued at approximately $1,288,966.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Solid Power

Several hedge funds and other institutional investors have recently modified their holdings of SLDP. Gainplan LLC acquired a new stake in Solid Power in the 1st quarter valued at $25,000. Norden Group LLC bought a new stake in shares of Solid Power during the first quarter worth about $29,000. SG Americas Securities LLC acquired a new stake in shares of Solid Power in the 1st quarter worth about $31,000. Spire Wealth Management lifted its position in Solid Power by 141.2% in the 3rd quarter. Spire Wealth Management now owns 20,500 shares of the company’s stock valued at $41,000 after acquiring an additional 12,000 shares in the last quarter. Finally, Brave Asset Management Inc. boosted its stake in Solid Power by 90.9% during the 4th quarter. Brave Asset Management Inc. now owns 21,000 shares of the company’s stock valued at $30,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors own 33.66% of the company’s stock.

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.