Solid Power (NASDAQ:SLDP) Shares Up 5.1% – What’s Next?

Solid Power, Inc. (NASDAQ:SLDP)’s stock price shot up 5.1% during trading on Wednesday. The stock traded as high as $2.35 and last traded at $2.3850. 439,203 shares changed hands during trading, a decline of 91% from the average session volume of 5,045,222 shares. The stock had previously closed at $2.27.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SLDP. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a report on Friday, July 17th. Alliance Global Partners initiated coverage on Solid Power in a research report on Wednesday, June 10th. They set a “buy” rating and a $6.75 price target for the company. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Solid Power presently has an average rating of “Hold” and a consensus target price of $6.92.

Solid Power Price Performance

The company has a market cap of $541.93 million, a PE ratio of -5.28 and a beta of 1.94. The business has a 50 day moving average of $2.34 and a 200 day moving average of $2.74.

Solid Power (NASDAQ:SLDP) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. Solid Power had a negative net margin of 485.47% and a negative return on equity of 19.69%. The business had revenue of ($0.27) million for the quarter, compared to the consensus estimate of $1.55 million. Sell-side analysts forecast that Solid Power, Inc. will post -0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Power

Several hedge funds and other institutional investors have recently modified their holdings of SLDP. State Street Corp lifted its holdings in Solid Power by 36.4% in the second quarter. State Street Corp now owns 5,787,916 shares of the company’s stock worth $14,991,000 after buying an additional 1,544,134 shares during the period. Tidal Investments LLC bought a new stake in Solid Power during the 2nd quarter valued at approximately $27,000. Squarepoint Ops LLC purchased a new position in shares of Solid Power during the 2nd quarter worth approximately $535,000. Arizona State Retirement System raised its position in shares of Solid Power by 10.6% in the 2nd quarter. Arizona State Retirement System now owns 49,561 shares of the company’s stock worth $128,000 after acquiring an additional 4,746 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Solid Power in the 2nd quarter worth approximately $393,000. Hedge funds and other institutional investors own 33.66% of the company’s stock.

About Solid Power

Solid Power, Inc is a developer of solid-state rechargeable battery technology headquartered in Louisville, Colorado. The company focuses on batteries that use solid, sulfide-based electrolytes rather than the liquid electrolytes found in conventional lithium-ion batteries. Solid-state designs are intended to improve safety, energy density and performance while supporting more efficient battery-pack configurations.

Solid Power develops and produces solid electrolyte materials, battery cells and related manufacturing processes.