Solid Power (NASDAQ:SLDP) Sees Strong Trading Volume – Time to Buy?

Solid Power, Inc. (NASDAQ:SLDP) shares saw an uptick in trading volume on Tuesday . 6,552,851 shares were traded during trading, an increase of 24% from the previous session’s volume of 5,290,562 shares.The stock last traded at $3.8520 and had previously closed at $3.40.

Analysts Set New Price Targets

Several research firms have commented on SLDP. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Solid Power in a research note on Wednesday, January 14th. Zacks Research raised shares of Solid Power to a “hold” rating in a research note on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Power in a research note on Tuesday. Finally, HC Wainwright assumed coverage on shares of Solid Power in a research note on Monday, March 16th. They issued a “buy” rating and a $7.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.00.

Solid Power Stock Performance

The company’s 50 day moving average price is $3.26 and its 200-day moving average price is $4.62. The company has a market cap of $873.50 million, a price-to-earnings ratio of -7.92 and a beta of 1.94.

Solid Power (NASDAQ:SLDP) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $2.50 million. Solid Power had a negative net margin of 429.54% and a negative return on equity of 23.88%. As a group, sell-side analysts forecast that Solid Power, Inc. will post -0.52 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SLDP. Goldman Sachs Group Inc. increased its position in shares of Solid Power by 12.7% in the first quarter. Goldman Sachs Group Inc. now owns 894,120 shares of the company’s stock worth $939,000 after acquiring an additional 100,939 shares in the last quarter. Creative Planning purchased a new position in shares of Solid Power in the second quarter worth approximately $26,000. American Century Companies Inc. purchased a new position in shares of Solid Power in the second quarter worth approximately $27,000. Prudential Financial Inc. increased its position in shares of Solid Power by 69.7% in the second quarter. Prudential Financial Inc. now owns 17,480 shares of the company’s stock worth $38,000 after acquiring an additional 7,180 shares in the last quarter. Finally, Brown Advisory Inc. purchased a new position in shares of Solid Power in the second quarter worth approximately $33,000. 33.66% of the stock is owned by hedge funds and other institutional investors.

Solid Power Company Profile

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.