SES AI (NYSE:SES) Trading Up 2.7% – Here’s Why

SES AI Corporation (NYSE:SES) was up 2.7% during mid-day trading on Tuesday . The company traded as high as $1.04 and last traded at $0.97. Approximately 8,624,028 shares changed hands during trading, a decline of 38% from the average daily volume of 13,802,893 shares. The stock had previously closed at $0.94.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded SES AI from a “hold” rating to a “sell” rating in a research note on Sunday, June 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $2.00 price objective on shares of SES AI in a research note on Tuesday, June 24th.

SES AI Stock Up 2.7%

The company has a market cap of $354.74 million, a P/E ratio of -3.22 and a beta of 0.38. The business has a 50-day moving average price of $0.92 and a two-hundred day moving average price of $0.91.

SES AI (NYSE:SES) last issued its quarterly earnings results on Thursday, April 24th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $5.79 million for the quarter, compared to analyst estimates of $2.00 million. As a group, sell-side analysts expect that SES AI Corporation will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On SES AI

Large investors have recently made changes to their positions in the company. Brevan Howard Capital Management LP bought a new position in SES AI during the 4th quarter worth $25,000. Cibc World Markets Corp acquired a new position in SES AI during the 4th quarter worth about $27,000. BNP Paribas Financial Markets acquired a new position in SES AI during the 4th quarter worth about $44,000. Cresset Asset Management LLC lifted its holdings in SES AI by 94.1% during the 4th quarter. Cresset Asset Management LLC now owns 20,288 shares of the company’s stock worth $44,000 after buying an additional 9,838 shares during the period. Finally, Ethic Inc. bought a new stake in shares of SES AI during the 4th quarter valued at about $48,000. Institutional investors own 29.78% of the company’s stock.

About SES AI

SES AI Corporation engages in the development and production of high-performance Lithium-metal rechargeable batteries for electric vehicles, electric vehicle take-off and landing, and other applications. The company was founded in 2012 and is headquartered in Woburn, Massachusetts.