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

Shares of Solid Power, Inc. (NASDAQ:SLDP) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. 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 analysts’ consensus estimates 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 analyst estimates of $3.50 million.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a research note on Wednesday, October 8th. Needham & Company LLC increased their target price on shares of Solid Power from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.00.

Institutional Trading of Solid Power

Hedge funds have recently made changes to their positions in the business. Creative Planning acquired a new stake in shares of Solid Power during the second quarter worth about $26,000. American Century Companies Inc. acquired a new stake in shares of Solid Power during the second quarter worth about $27,000. Corient Private Wealth LLC acquired a new stake in shares of Solid Power during the second quarter worth about $31,000. Brown Advisory Inc. acquired a new stake in shares of Solid Power during the second quarter worth about $33,000. Finally, Fisher Asset Management LLC acquired a new stake in shares of Solid Power during the second quarter worth about $35,000. Institutional investors and hedge funds own 33.66% of the company’s stock.

Solid Power Stock Up 49.3%

The company’s 50-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 price-to-earnings ratio of -16.00 and a beta of 1.85.

About Solid Power

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.