Solid Power (NASDAQ:SLDP) Shares Gap Up – Time to Buy?

Solid Power, Inc. (NASDAQ:SLDP)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $3.26, but opened at $3.75. Solid Power shares last traded at $3.3450, with a volume of 7,421,638 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently issued reports on SLDP. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Power in a report on Thursday, January 22nd. Zacks Research raised Solid Power to a “hold” rating in a research note on Tuesday, March 17th. Wall Street Zen cut Solid Power from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. HC Wainwright started coverage on Solid Power in a research note on Monday, March 16th. They issued a “buy” rating and a $7.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $7.00 target price on shares of Solid Power in a report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.00.

Solid Power Stock Up 3.4%

The firm has a market cap of $743.35 million, a PE ratio of -6.74 and a beta of 1.94. The company’s fifty day moving average price is $3.28 and its two-hundred day moving average price is $4.62.

Solid Power (NASDAQ:SLDP) last issued its quarterly earnings results on Tuesday, February 24th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.86 million for the quarter, compared to analyst estimates of $2.50 million. Solid Power had a negative net margin of 429.54% and a negative return on equity of 23.88%.

Hedge Funds Weigh In On Solid Power

Large investors have recently modified their holdings of the business. Kestra Advisory Services LLC acquired a new stake in shares of Solid Power in the 4th quarter valued at approximately $42,000. AlphaCore Capital LLC acquired a new position in Solid Power during the third quarter worth $35,000. GEM Asset Management LLC acquired a new position in Solid Power during the fourth quarter worth $42,000. Cibc World Markets Corp purchased a new position in Solid Power in the fourth quarter worth $43,000. Finally, Principal Financial Group Inc. purchased a new position in Solid Power in the third quarter worth $37,000. 33.66% of the stock is owned by hedge funds and other institutional investors.

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.