Needham & Company LLC Cuts Solid Power (NASDAQ:SLDP) Price Target to $2.00

Solid Power (NASDAQ:SLDP) had its price target trimmed by Needham & Company LLC from $3.00 to $2.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Wolfe Research assumed coverage on Solid Power in a report on Thursday, September 5th. They issued an “underperform” rating and a $1.00 target price on the stock.

Solid Power Trading Down 6.2 %

Shares of SLDP opened at $1.06 on Monday. Solid Power has a fifty-two week low of $1.06 and a fifty-two week high of $2.35. The business’s 50-day moving average is $1.26 and its 200-day moving average is $1.55.

Insider Activity

In related news, CTO Joshua Buettner-Garrett sold 187,500 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $1.07, for a total value of $200,625.00. Following the transaction, the chief technology officer now owns 869,720 shares in the company, valued at approximately $930,600.40. This represents a 17.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven H. Goldberg sold 59,197 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $1.45, for a total value of $85,835.65. Following the completion of the transaction, the director now owns 82,365 shares in the company, valued at $119,429.25. This represents a 41.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 809,197 shares of company stock worth $1,015,836 in the last 90 days. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Solid Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLDP. Norden Group LLC acquired a new position in Solid Power during the first quarter valued at approximately $29,000. SG Americas Securities LLC acquired a new position in Solid Power during the first quarter valued at approximately $31,000. Paloma Partners Management Co acquired a new position in Solid Power during the first quarter valued at approximately $48,000. American Century Companies Inc. acquired a new position in Solid Power during the second quarter valued at approximately $60,000. Finally, Intech Investment Management LLC acquired a new position in Solid Power during the third quarter valued at approximately $62,000. Institutional investors and hedge funds own 33.66% of the company’s stock.

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.