Solid Power (NASDAQ:SLDP) Stock Price Down 8% – Should You Sell?

Solid Power, Inc. (NASDAQ:SLDP) dropped 8% during mid-day trading on Wednesday . The company traded as low as $3.32 and last traded at $3.34. Approximately 3,244,430 shares were traded during trading, a decline of 47% from the average daily volume of 6,087,806 shares. The stock had previously closed at $3.63.

Analyst Upgrades and Downgrades

SLDP has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and set a $7.00 price objective on shares of Solid Power in a report on Wednesday, May 6th. HC Wainwright assumed coverage on shares of Solid Power in a research note on Monday, March 16th. They issued a “buy” rating and a $7.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded shares of Solid Power to a “hold” rating in a research note 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $7.00.

Solid Power Stock Down 8.8%

The stock has a fifty day moving average of $3.15 and a 200-day moving average of $4.04. The firm has a market capitalization of $744.70 million, a P/E ratio of -6.90 and a beta of 1.87.

Solid Power (NASDAQ:SLDP) last released its quarterly 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 21.57% and a negative net margin of 485.47%.The business had revenue of $3.07 million during the quarter, compared to analysts’ expectations of $3.33 million. As a group, analysts forecast that Solid Power, Inc. will post -0.44 EPS for the current fiscal year.

Insider Transactions at Solid Power

In other Solid Power news, Director Lesa B. Roe sold 39,207 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $2.66, for a total transaction of $104,290.62. Following the transaction, the director owned 243,975 shares of the company’s stock, valued at approximately $648,973.50. This represents a 13.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL bought a new stake in Solid Power during the 3rd quarter worth about $1,709,000. UBS Group AG raised its holdings in Solid Power by 157.5% during the 4th quarter. UBS Group AG now owns 1,011,495 shares of the company’s stock worth $4,299,000 after purchasing an additional 618,757 shares during the last quarter. BBR Partners LLC bought a new stake in Solid Power during the 3rd quarter worth about $512,000. Riverstone Holdings LLC raised its holdings in Solid Power by 3.7% during the 3rd quarter. Riverstone Holdings LLC now owns 4,714,816 shares of the company’s stock worth $16,360,000 after purchasing an additional 169,709 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in Solid Power by 141.8% during the 4th quarter. Spire Wealth Management now owns 10,879 shares of the company’s stock worth $46,000 after purchasing an additional 6,379 shares during the last quarter. Institutional investors and hedge funds own 33.66% of the company’s stock.

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.