Solid Power (NASDAQ:SLDP) Releases Earnings Results, Beats Expectations By $0.06 EPS

Solid Power (NASDAQ:SLDP) released its quarterly earnings data on Tuesday. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.06, FiscalAI reports. Solid Power had a negative net margin of 429.54% and a negative return on equity of 23.88%. The business had revenue of $3.07 million for the quarter, compared to analysts’ expectations of $3.33 million.

Solid Power Stock Performance

Shares of NASDAQ:SLDP traded up $0.05 during trading hours on Tuesday, hitting $3.51. 6,285,703 shares of the company’s stock traded hands, compared to its average volume of 5,743,313. Solid Power has a 52 week low of $1.11 and a 52 week high of $8.86. The company’s fifty day simple moving average is $3.25 and its two-hundred day simple moving average is $4.50. The company has a market cap of $774.24 million, a price-to-earnings ratio of -7.02 and a beta of 1.91.

Analysts Set New Price Targets

SLDP has been the topic of several research analyst reports. 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. HC Wainwright initiated coverage on shares of Solid Power in a research note on Monday, March 16th. They set a “buy” rating and a $7.00 target price on the stock. Zacks Research raised shares of Solid Power to a “hold” rating in a research note on Tuesday, March 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Power in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Solid Power presently has an average rating of “Hold” and an average target price of $7.00.

Hedge Funds Weigh In On Solid Power

Several large investors have recently made changes to their positions in SLDP. Bank of America Corp DE boosted its position in shares of Solid Power by 3,974.6% during the 3rd quarter. Bank of America Corp DE now owns 6,495,146 shares of the company’s stock valued at $22,538,000 after purchasing an additional 6,335,739 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of 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 valued at $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 position in shares of Solid Power during the 4th quarter valued at about $7,810,000. Vanguard Group Inc. boosted its position in shares of Solid Power by 15.7% during the 3rd 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 4th quarter. State Street Corp now owns 4,077,239 shares of the company’s stock valued at $17,328,000 after purchasing an additional 839,471 shares in the last quarter. Institutional investors own 33.66% of the company’s stock.

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.