Needham & Company LLC Reaffirms Buy Rating for Solid Power (NASDAQ:SLDP)

Needham & Company LLC reaffirmed their buy rating on shares of Solid Power (NASDAQ:SLDP) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $2.00 target price on the stock.

Solid Power Price Performance

Solid Power stock opened at $1.66 on Wednesday. The firm has a market cap of $299.45 million, a P/E ratio of -3.39 and a beta of 1.45. The stock’s 50 day moving average is $1.38 and its 200 day moving average is $1.45. Solid Power has a one year low of $1.00 and a one year high of $2.70.

Insider Activity

In other Solid Power 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 transaction, the chief technology officer now directly owns 869,720 shares of the company’s stock, valued at approximately $930,600.40. This trade represents a 17.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 562,500 shares of company stock worth $793,125 in the last three months. Company insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLDP. Barclays PLC raised its holdings in shares of Solid Power by 268.4% in the 3rd quarter. Barclays PLC now owns 200,619 shares of the company’s stock worth $271,000 after purchasing an additional 146,157 shares during the period. Geode Capital Management LLC increased 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 worth $4,600,000 after buying an additional 88,754 shares during the last quarter. State Street Corp raised its stake in shares of Solid Power by 0.7% in the third quarter. State Street Corp now owns 2,962,235 shares of the company’s stock valued at $3,999,000 after buying an additional 19,209 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Solid Power by 10.1% during 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 last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Solid Power by 23.2% during the 2nd 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 during the last quarter. 33.66% of the stock is currently owned by hedge funds and other institutional investors.

Solid Power Company Profile

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.