Solid Power (NASDAQ:SLDP) Price Target Raised to $7.00

Solid Power (NASDAQ:SLDP) had its price target boosted by equities research analysts at Needham & Company LLC from $4.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 24.78% from the stock’s current price.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Solid Power in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.00.

Solid Power Trading Down 12.6%

SLDP stock opened at $5.61 on Wednesday. Solid Power has a one year low of $0.68 and a one year high of $8.05. The firm has a market capitalization of $1.02 billion, a PE ratio of -10.79 and a beta of 1.85. The firm has a 50-day moving average of $4.90 and a two-hundred day moving average of $3.31.

Solid Power (NASDAQ:SLDP) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. Solid Power had a negative net margin of 412.62% and a negative return on equity of 23.13%. The company had revenue of $4.56 million during the quarter, compared to analyst estimates of $3.50 million.

Institutional Investors Weigh In On Solid Power

Several institutional investors have recently made changes to their positions in SLDP. SBI Securities Co. Ltd. increased its holdings in Solid Power by 17.2% in the third quarter. SBI Securities Co. Ltd. now owns 37,683 shares of the company’s stock worth $131,000 after buying an additional 5,526 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Solid Power in the third quarter worth approximately $37,000. New York State Common Retirement Fund increased its holdings in Solid Power by 1,334.6% in the third quarter. New York State Common Retirement Fund now owns 46,007 shares of the company’s stock worth $160,000 after buying an additional 42,800 shares during the last quarter. SG Americas Securities LLC increased its holdings in Solid Power by 507.3% in the third quarter. SG Americas Securities LLC now owns 118,439 shares of the company’s stock worth $411,000 after buying an additional 98,938 shares during the last quarter. Finally, Corient Private Wealth LLC acquired a new position in Solid Power in the second quarter worth approximately $31,000. 33.66% of the stock is currently owned by institutional investors and hedge funds.

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.