SES AI (NYSE:SES) Shares Down 6.4% – Here’s What Happened

SES AI Corporation (NYSE:SES) was down 6.4% on Friday . The stock traded as low as $2.40 and last traded at $2.4050. Approximately 2,653,911 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 6,769,592 shares. The stock had previously closed at $2.57.

Wall Street Analysts Forecast Growth

SES has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of SES AI in a research report on Wednesday. Cantor Fitzgerald increased their price objective on shares of SES AI from $2.00 to $4.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.00.

SES AI Price Performance

The firm has a market capitalization of $896.25 million, a PE ratio of -8.73 and a beta of 0.57. The company has a 50-day moving average price of $2.02 and a 200-day moving average price of $1.79.

SES AI (NYSE:SES) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $7.12 million for the quarter, compared to analysts’ expectations of $4.58 million. SES AI had a negative return on equity of 35.31% and a negative net margin of 490.03%. On average, research analysts predict that SES AI Corporation will post -0.23 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Hong Gan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $1.90, for a total transaction of $285,000.00. Following the sale, the insider owned 1,253,286 shares in the company, valued at approximately $2,381,243.40. This trade represents a 10.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 13.80% of the company’s stock.

Hedge Funds Weigh In On SES AI

Hedge funds have recently made changes to their positions in the stock. Raymond James Financial Inc. increased its holdings in shares of SES AI by 35.1% during the 3rd quarter. Raymond James Financial Inc. now owns 20,268 shares of the company’s stock worth $34,000 after buying an additional 5,268 shares during the last quarter. Verdence Capital Advisors LLC grew its position in SES AI by 42.9% during the third quarter. Verdence Capital Advisors LLC now owns 20,000 shares of the company’s stock valued at $33,000 after acquiring an additional 6,000 shares during the period. Savant Capital LLC increased its stake in SES AI by 32.1% during the second quarter. Savant Capital LLC now owns 58,118 shares of the company’s stock worth $52,000 after acquiring an additional 14,118 shares during the last quarter. Gainplan LLC acquired a new stake in SES AI during the fourth quarter worth about $30,000. Finally, Sitrin Capital Management LLC raised its holdings in shares of SES AI by 50.0% in the 2nd quarter. Sitrin Capital Management LLC now owns 60,000 shares of the company’s stock worth $53,000 after purchasing an additional 20,000 shares during the period. Institutional investors and hedge funds own 29.78% of the company’s stock.

About SES AI

SES AI Corporation engages in the development and production of high-performance Lithium-metal rechargeable batteries for electric vehicles, electric vehicle take-off and landing, and other applications. The company was founded in 2012 and is headquartered in Woburn, Massachusetts.