Solid Power (NASDAQ:SLDP) Shares Down 13.9% – Should You Sell?

Shares of Solid Power, Inc. (NASDAQ:SLDP) dropped 13.9% during trading on Thursday . The stock traded as low as $7.40 and last traded at $7.3280. Approximately 8,683,508 shares were traded during mid-day trading, an increase of 11% from the average daily volume of 7,805,677 shares. The stock had previously closed at $8.51.

Wall Street Analysts Forecast Growth

SLDP has been the topic of several research reports. Needham & Company LLC upped their price target on shares of Solid Power from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.00.

Solid Power Price Performance

The company’s 50-day moving average is $4.98 and its two-hundred day moving average is $3.35. The firm has a market cap of $1.24 billion, a P/E ratio of -12.99 and a beta of 1.85.

Solid Power (NASDAQ:SLDP) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. The business had revenue of $4.56 million during the quarter, compared to analysts’ expectations of $3.50 million. Solid Power had a negative net margin of 429.55% and a negative return on equity of 24.70%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Yaupon Capital Management LP raised its stake in Solid Power by 709.1% during the first quarter. Yaupon Capital Management LP now owns 3,560,365 shares of the company’s stock worth $3,738,000 after acquiring an additional 3,120,316 shares in the last quarter. Pure Financial Advisors LLC acquired a new position in Solid Power during the second quarter worth about $4,668,000. Charles Schwab Investment Management Inc. raised its stake in Solid Power by 4.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,214,995 shares of the company’s stock worth $1,276,000 after acquiring an additional 51,434 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Solid Power by 12.7% during 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. Finally, Nuveen LLC acquired a new position in Solid Power during the first quarter worth about $590,000. Institutional investors and hedge funds own 33.66% of the company’s stock.

About Solid Power

Solid Power, Inc develops solid state battery technologies for the electric vehicles (EV) and other markets in the United States. The company sells its sulfide-based solid electrolyte; and licenses its solid-state cell designs and manufacturing processes. It also produces and sells 0.2, 2, 20 ampere-hour (Ah), and EV cells.