Is Solid Power Inc (NASDAQ) Bullish Or Bearish In 2024?

Solid Power Inc (NASDAQ:SLDP) shares, rose in value, with the stock price down by -3.66% to the previous day’s close as strong demand from buyers drove the stock to $1.84.

Actively observing the price movement in the last trading, the stock closed the session at $1.91. The value of beta (5-year monthly) was 1.71. Referring to stock’s 52-week performance, its high was $3.20, and the low was $1.10. On the whole, SLDP has fluctuated by 20.26% over the past month.

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With the market capitalization of Solid Power Inc currently standing at about $333.21 million, investors are eagerly awaiting this quarter’s results, scheduled for May 06, 2024 – May 10, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.09, which is expected to increase to -$0.06 for fiscal year -$0.43 and then to about -$0.45 by fiscal year 2025. Data indicates that the EPS growth is expected to be -16.20% in 2025, while the next year’s EPS growth is forecast to be -4.70%.

Analysts have estimated the company’s revenue for the quarter at $4.83 million, with a low estimate of $4 million and a high estimate of $5.5 million. According to the average forecast, sales growth in current quarter could jump up 27.40%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $21.33 million, representing an increase of 22.50% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that SLDP’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of SLDP currently trading nearly 16.20% and 15.17% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 59.98, while the 7-day volatility ratio is showing 9.42% which for the 30-day chart, stands at 8.11%. Furthermore, Solid Power Inc (SLDP)’s beta value is 1.77, and its average true range (ATR) is 0.14.

A comparison of Solid Power Inc (SLDP) with its peers suggests the former has fared considerably weaker in the market. SLDP showed an intraday change of -3.66% in last session, and over the past year, it shrunk by -38.87%%.

Data on historical trading for Solid Power Inc (NASDAQ:SLDP) indicates that the trading volumes over the past 10 days have averaged 4.0 million and over the past 3 months, they’ve averaged 3.92 million. According to company’s latest data on outstanding shares, there are 179.01 million shares outstanding.

Nearly 27.46% of Solid Power Inc’s shares belong to company insiders and institutional investors own 24.74% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 14.3 million shares as on Mar 15, 2024, resulting in a short ratio of 5.48. According to the data, the short interest in Solid Power Inc (SLDP) stood at 7.90% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 12.75 million. The stock has risen by 26.90% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SLDP stock heading into the next quarter.