Solid Power (NASDAQ:SLDP) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright began coverage on shares of Solid Power (NASDAQ:SLDP) in a report released on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $7.00 price objective on the stock.

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

Solid Power Trading Up 1.6%

Shares of SLDP stock opened at $3.20 on Monday. The firm has a 50-day moving average price of $4.23 and a 200 day moving average price of $4.78. Solid Power has a twelve month low of $0.68 and a twelve month high of $8.86. The company has a market capitalization of $705.86 million, a price-to-earnings ratio of -6.40 and a beta of 1.92.

Solid Power (NASDAQ:SLDP) last released its earnings results on Tuesday, February 24th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of ($0.20) million for the quarter, compared to analyst estimates of $2.50 million. Solid Power had a negative net margin of 429.54% and a negative return on equity of 23.88%.

Institutional Investors Weigh In On Solid Power

Several hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP grew its holdings in Solid Power by 4.4% in the fourth quarter. Engineers Gate Manager LP now owns 100,896 shares of the company’s stock valued at $429,000 after purchasing an additional 4,220 shares during the period. Allworth Financial LP boosted its holdings in shares of Solid Power by 82.6% in the 4th quarter. Allworth Financial LP now owns 11,246 shares of the company’s stock valued at $48,000 after purchasing an additional 5,087 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Solid Power by 22.0% in the 4th quarter. LPL Financial LLC now owns 30,289 shares of the company’s stock valued at $129,000 after purchasing an additional 5,461 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Solid Power by 17.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company’s stock valued at $131,000 after buying an additional 5,526 shares during the period. Finally, Spire Wealth Management grew its stake in shares of Solid Power by 141.8% during the 4th quarter. Spire Wealth Management now owns 10,879 shares of the company’s stock valued at $46,000 after buying an additional 6,379 shares during the period. 33.66% of the stock is owned by institutional investors and hedge funds.

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.