Solid Power (NASDAQ:SLDP) Coverage Initiated by Analysts at HC Wainwright

Stock analysts at HC Wainwright started coverage on shares of Solid Power (NASDAQ:SLDP) in a research report issued on Monday,Benzinga reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. HC Wainwright’s price target points to a potential upside of 122.22% from the stock’s previous close.

Several other research firms also recently issued reports on SLDP. Wall Street Zen downgraded shares of Solid Power from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research note on Thursday, January 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Solid Power in a research note on Wednesday, January 14th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.00.

Solid Power Stock Performance

Solid Power stock opened at $3.15 on Monday. The stock’s 50 day moving average price is $4.27 and its 200 day moving average price is $4.79. The firm has a market capitalization of $694.83 million, a PE ratio of -6.30 and a beta of 1.92. Solid Power has a one year low of $0.68 and a one year high of $8.86.

Solid Power (NASDAQ:SLDP) last released its quarterly earnings results on Tuesday, February 24th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. Solid Power had a negative return on equity of 23.88% and a negative net margin of 429.54%.The firm had revenue of ($0.20) million during the quarter, compared to analysts’ expectations of $2.50 million.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its position in shares of Solid Power by 30.2% in the 4th quarter. Invesco Ltd. now owns 2,796,362 shares of the company’s stock worth $11,885,000 after purchasing an additional 648,095 shares during the last quarter. XTX Topco Ltd bought a new stake in Solid Power in the fourth quarter valued at about $354,000. Millennium Management LLC raised its stake in Solid Power by 57.6% during the fourth quarter. Millennium Management LLC now owns 662,072 shares of the company’s stock valued at $2,814,000 after buying an additional 241,902 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Solid Power during the fourth quarter valued at approximately $330,000. Finally, Engineers Gate Manager LP lifted its holdings in Solid Power by 4.4% during the 4th quarter. Engineers Gate Manager LP now owns 100,896 shares of the company’s stock worth $429,000 after buying an additional 4,220 shares during the last quarter. 33.66% of the stock is currently owned by institutional investors.

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.