Solid Power (NASDAQ:SLDP) Coverage Initiated by Analysts at Alliance Global Partners

Investment analysts at Alliance Global Partners began coverage on shares of Solid Power (NASDAQ:SLDP) in a note issued to investors on Wednesday. The firm set a “buy” rating and a $6.75 price target on the stock. Alliance Global Partners’ price objective suggests a potential upside of 141.07% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Zacks Research upgraded Solid Power to a “hold” rating in a report on Tuesday, March 17th. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 target price on shares of Solid Power in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Power in a research report on Tuesday, April 21st. Finally, HC Wainwright initiated coverage on Solid Power in a research note on Monday, March 16th. They issued a “buy” rating and a $7.00 price target on the stock. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Solid Power presently has an average rating of “Hold” and an average price target of $6.92.

Solid Power Stock Down 5.1%

Shares of NASDAQ:SLDP opened at $2.80 on Wednesday. The company has a market capitalization of $629.94 million, a P/E ratio of -5.83 and a beta of 1.87. Solid Power has a 52-week low of $1.46 and a 52-week high of $8.86. The stock’s fifty day simple moving average is $3.16 and its 200-day simple moving average is $3.92.

Solid Power (NASDAQ:SLDP) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.06. Solid Power had a negative return on equity of 21.57% and a negative net margin of 485.47%.The firm had revenue of $3.07 million during the quarter, compared to analysts’ expectations of $3.33 million. On average, sell-side analysts anticipate that Solid Power will post -0.44 earnings per share for the current year.

Insider Buying and Selling at Solid Power

In other news, Director Lesa B. Roe sold 39,207 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $2.66, for a total transaction of $104,290.62. Following the completion of the sale, the director owned 243,975 shares in the company, valued at approximately $648,973.50. The trade was a 13.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning purchased a new stake in Solid Power during the second quarter worth approximately $26,000. American Century Companies Inc. purchased a new position in shares of Solid Power in the 2nd quarter valued at $27,000. Corient Private Wealth LLC acquired a new position in shares of Solid Power during the 2nd quarter valued at $31,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Solid Power during the 1st quarter valued at $32,000. Finally, Amundi purchased a new stake in Solid Power during the 1st quarter worth $32,000. 33.66% of the stock is owned by institutional investors and hedge funds.

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.