Solid Power (NASDAQ:SLDP) Now Covered by Needham & Company LLC

Stock analysts at Needham & Company LLC assumed coverage on shares of Solid Power (NASDAQ:SLDP – Get Rating) in a report released on Wednesday, The Fly reports. The firm set a “buy” rating and a $5.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 68.92% from the company’s current price.

A number of other brokerages have also recently commented on SLDP. DA Davidson cut Solid Power from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $13.00 to $5.00 in a research note on Wednesday, November 30th. Citigroup boosted their price objective on Solid Power from $3.00 to $3.50 and gave the stock a “neutral” rating in a research note on Friday, March 3rd. Finally, Stifel Nicolaus assumed coverage on Solid Power in a research note on Friday, December 2nd. They set a “hold” rating and a $5.00 price objective on the stock. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.30.

Solid Power Price Performance

Shares of SLDP opened at $2.96 on Wednesday. The stock’s 50-day moving average is $3.06 and its two-hundred day moving average is $4.26. The stock has a market cap of $520.40 million, a PE ratio of -59.19 and a beta of 1.64. Solid Power has a 12 month low of $1.95 and a 12 month high of $9.99.

Institutional Trading of Solid Power

Several hedge funds and other institutional investors have recently bought and sold shares of SLDP. Fairhaven Wealth Management LLC bought a new stake in Solid Power in the third quarter valued at about $22,417,000. BlackRock Inc. increased its holdings in Solid Power by 74.7% in the third quarter. BlackRock Inc. now owns 7,928,160 shares of the company’s stock valued at $41,702,000 after buying an additional 3,388,902 shares during the last quarter. Vanguard Group Inc. increased its holdings in Solid Power by 92.4% in the third quarter. Vanguard Group Inc. now owns 5,578,980 shares of the company’s stock valued at $29,346,000 after buying an additional 2,678,656 shares during the last quarter. Invesco Ltd. bought a new stake in Solid Power in the first quarter valued at about $19,254,000. Finally, State Street Corp increased its holdings in Solid Power by 74.5% in the third quarter. State Street Corp now owns 1,969,102 shares of the company’s stock valued at $10,357,000 after buying an additional 840,697 shares during the last quarter. 33.97% of the stock is owned by institutional investors.

About Solid Power

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Solid Power, Inc focuses on the development and commercialization of all-solid-state battery cells and solid electrolyte materials for the battery-powered electric vehicle market in the United States. The company was founded in 2011 and is headquartered in Louisville, Colorado.