Solid Power (NASDAQ:SLDP) Trading 8.6% Higher After Better-Than-Expected Earnings

Solid Power, Inc. (NASDAQ:SLDP) traded up 8.6% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $3.90 and last traded at $3.8430. 2,231,459 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 5,817,447 shares. The stock had previously closed at $3.54.

The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. Solid Power had a negative net margin of 429.54% and a negative return on equity of 24.39%. The firm had revenue of ($0.20) million for the quarter, compared to analyst estimates of $2.50 million.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price target on shares of Solid Power in a research note on Wednesday, January 14th. Wall Street Zen cut Solid Power from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.00.

Insider Activity at Solid Power

In other news, Director Erik J. Anderson sold 30,000 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $5.20, for a total value of $156,000.00. Following the completion of the sale, the director owned 157,617 shares of the company’s stock, valued at approximately $819,608.40. The trade was a 15.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.90% of the company’s stock.

Institutional Trading of Solid Power

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Solid Power during the 2nd quarter valued at approximately $686,000. Daymark Wealth Partners LLC purchased a new position in shares of Solid Power during the second quarter valued at approximately $130,000. SG Americas Securities LLC raised its holdings in shares of Solid Power by 507.3% during the third quarter. SG Americas Securities LLC now owns 118,439 shares of the company’s stock valued at $411,000 after acquiring an additional 98,938 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Solid Power during the second quarter valued at approximately $300,000. Finally, BBR Partners LLC purchased a new stake in Solid Power in the third quarter worth $512,000. Institutional investors own 33.66% of the company’s stock.

Solid Power Stock Up 4.0%

The firm’s fifty day moving average is $4.54 and its two-hundred day moving average is $4.89. The firm has a market cap of $702.95 million, a P/E ratio of -7.36 and a beta of 1.89.

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.