Solid Power’s (SLDP) Buy Rating Reiterated at Needham & Company LLC

Solid Power (NASDAQ:SLDP)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They presently have a $2.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 22.70% from the stock’s previous close.

Solid Power Stock Performance

NASDAQ SLDP opened at $1.63 on Wednesday. The firm’s fifty day moving average is $1.38 and its two-hundred day moving average is $1.44. Solid Power has a one year low of $1.00 and a one year high of $2.70. The firm has a market cap of $294.04 million, a PE ratio of -3.33 and a beta of 1.45.

Insider Activity at Solid Power

In other news, CTO Joshua Buettner-Garrett sold 187,500 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $1.07, for a total value of $200,625.00. Following the completion of the sale, the chief technology officer now owns 869,720 shares in the company, valued at approximately $930,600.40. This trade represents a 17.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 562,500 shares of company stock worth $793,125 in the last quarter. Company insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in Solid Power by 2.7% in the third quarter. Geode Capital Management LLC now owns 3,407,015 shares of the company’s stock valued at $4,600,000 after purchasing an additional 88,754 shares during the period. State Street Corp raised its stake in shares of Solid Power by 0.7% during the 3rd quarter. State Street Corp now owns 2,962,235 shares of the company’s stock worth $3,999,000 after buying an additional 19,209 shares in the last quarter. Yaupon Capital Management LP lifted its holdings in shares of Solid Power by 27.5% in the 3rd quarter. Yaupon Capital Management LP now owns 2,379,462 shares of the company’s stock valued at $3,212,000 after buying an additional 513,689 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Solid Power by 10.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,154,464 shares of the company’s stock valued at $1,559,000 after buying an additional 106,380 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Solid Power by 23.2% in the second quarter. Bank of New York Mellon Corp now owns 577,634 shares of the company’s stock valued at $953,000 after buying an additional 108,847 shares in the last quarter. 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.