Solid Power (NASDAQ:SLDP) Announces Quarterly Earnings Results

Solid Power (NASDAQ:SLDP) released its quarterly earnings results on Tuesday. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02, FiscalAI reports. The firm had revenue of ($0.20) million for the quarter, compared to analyst estimates of $2.50 million. Solid Power had a negative return on equity of 24.88% and a negative net margin of 429.55%.

Solid Power Stock Performance

Solid Power stock traded up $0.13 during mid-day trading on Tuesday, reaching $3.54. The stock had a trading volume of 5,067,289 shares, compared to its average volume of 5,929,656. The firm has a market capitalization of $676.21 million, a PE ratio of -6.68 and a beta of 1.89. Solid Power has a fifty-two week low of $0.68 and a fifty-two week high of $8.86. The stock’s 50-day simple moving average is $4.58 and its 200-day simple moving average is $4.90.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wall Street Zen lowered Solid Power from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research report on Thursday, January 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Solid Power in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.00.

Insider Activity

In related news, Director Erik J. Anderson sold 30,000 shares of Solid Power stock in a transaction on Thursday, December 4th. The shares were 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. This trade represents a 15.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its holdings in shares of Solid Power by 3,974.6% in the 3rd quarter. Bank of America Corp DE now owns 6,495,146 shares of the company’s stock worth $22,538,000 after acquiring an additional 6,335,739 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Solid Power by 5,305.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,934,653 shares of the company’s stock worth $8,222,000 after purchasing an additional 1,898,859 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Solid Power during the 4th quarter worth approximately $7,810,000. Vanguard Group Inc. lifted its holdings in shares of Solid Power by 15.7% in the third quarter. Vanguard Group Inc. now owns 9,440,931 shares of the company’s stock valued at $32,760,000 after purchasing an additional 1,278,324 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Solid Power by 25.9% during the fourth quarter. State Street Corp now owns 4,077,239 shares of the company’s stock valued at $17,328,000 after buying an additional 839,471 shares during the last quarter. 33.66% of the stock is currently 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.