Solid Power Stock Soars as Envestnet Buys 57K Shares (NASDAQ:SLDP)

Solid Power, Inc. (NASDAQ:SLDP) is a leading developer of solid-state batteries for electric vehicles and other applications. The company recently announced that it has completed a $130 million Series B funding round led by Ford Motor Company and BMW Group. The funding will help Solid Power accelerate its development of next-generation batteries that are safer, cheaper, and more energy-dense than current lithium-ion batteries.


Solid Power logo


One of the investors that participated in the Series B funding round was Envestnet Asset Management Inc., a provider of wealth management technology and services. According to a filing with the Securities and Exchange Commission (SEC), Envestnet Asset Management Inc. acquired 57,345 shares of Solid Power, Inc. during the fourth quarter of 2020, increasing its stake in the company by 165.3%. The firm now owns 92,032 shares of Solid Power, Inc., worth about $234,000 as of the end of 2020.


Envestnet headquarters



Envestnet Asset Management Inc. is not the only institutional investor that has shown interest in Solid Power, Inc. Several other large investors have also made changes to their positions in SLDP during the first quarter of 2021. For example:


Raymond James & Associates boosted its position in shares of Solid Power by 37.2%, acquiring an additional 6,430 shares and owning 23,702 shares worth $205,000.


Bank of New York Mellon Corp acquired a new stake in shares of Solid Power, owning 15,000 shares worth $429,000.


Citigroup Inc. acquired a new stake in shares of Solid Power, owning 7,000 shares worth $198,000.


BlackRock Inc. acquired a new stake in shares of Solid Power, owning 468,000 shares worth $13,242,000.


U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Solid Power, owning 3,800 shares worth $108,000.


These institutional investors and hedge funds own about 33.97% of the company’s stock as of the end of the first quarter of 2021.


Solid Power stock price graph



Solid Power’s stock has been performing well since its debut on the NASDAQ exchange on December 10th, 2020. The stock opened at $2.50 per share and closed at $2.55 per share on its first day of trading. Since then, the stock has risen by 88%, reaching a high of $4.74 per share on March 15th, 2021. As of June 4th, 2021, the stock was trading at $4.20 per share, giving the company a market capitalization of $1.18 billion.


Solid Power’s stock has also received positive ratings from analysts who cover the company. According to data from MarketBeat.com, Solid Power has a consensus rating of “Buy” and an average price target of $5.00 per share among five analysts who have issued ratings on the stock in the last year.


Some of the recent analyst ratings on Solid Power are:


Needham & Company LLC initiated coverage on Solid Power on March 8th, 2021 with a “Buy” rating and a $5.00 price target.


Citigroup raised its price target on Solid Power from $3.00 to $3.50 and maintained a “Neutral” rating on March 3rd, 2021.


DA Davidson lowered its price target on Solid Power from $4.00 to $3.00 and maintained a “Neutral” rating on May 9th, 2021.


Solid Power is expected to report its first-quarter earnings results on June 14th, 2021 after the market closes.


Solid-state battery prototype



Solid Power is one of the most promising companies in the emerging field of solid-state batteries, which have the potential to revolutionize the electric vehicle industry and beyond. With its strong financial backing from leading automakers and institutional investors, Solid Power is well-positioned to deliver its innovative battery technology to the market in the near future.


If you are interested in investing in Solid Power or learning more about the company and its products, you can visit its website at https://solidpowerbattery.com/ or follow it on Twitter at @solidpowerinc.


This article is for informational purposes only and does not constitute financial advice or an endorsement of any company or product mentioned herein. Please do your own research and consult with a professional before making any investment decisions.


FAQs


Is Solid Power Inc a good stock to buy?


Solid Power Inc (NASDAQ:SLDP) is a developer of solid-state batteries for electric vehicles and other applications. The company has received strong financial backing from leading automakers such as Ford and BMW, as well as institutional investors such as Envestnet Asset Management Inc. The company’s stock has risen by 88% since its debut on the NASDAQ exchange on December 10th, 2020, and has a consensus rating of “Buy” and an average price target of $5.00 per share among analysts who cover the stock. However, the company is still in the development stage and has not yet generated any revenue or profit from its products. The company also faces competition from other solid-state battery developers such as QuantumScape (QS) and SK Innovation. Therefore, investing in Solid Power Inc stock involves a high degree of risk and uncertainty, and may not be suitable for all investors.


Solid Power Ltd?


Solid Power Ltd is a subsidiary of Solid Power Inc that is based in the UK. The subsidiary was established in 2020 to expand the company’s presence in Europe and to collaborate with European automakers and suppliers on solid-state battery development. According to the company’s website, Solid Power Ltd is located in Oxfordshire, England.


How much is Solid Power?


Solid Power Inc has a market capitalization of $1.18 billion as of June 4th, 2021, based on its closing stock price of $4.20 per share and its outstanding shares of 177.83 million. The company’s market value may change depending on its stock price fluctuations, its financial performance, its product development progress, and other factors.


How to invest in SLDP?


SLDP is the ticker symbol for Solid Power Inc on the NASDAQ exchange. To invest in SLDP, you need to have a brokerage account that allows you to trade stocks on the NASDAQ exchange. You can then place an order to buy or sell SLDP shares through your broker, either at the current market price or at a specified limit price. You can also use various tools and strategies to analyze the stock’s performance, such as technical analysis, fundamental analysis, valuation models, and risk management.


Solid Power SK Innovation?


SK Innovation is a South Korean energy and chemical company that is also developing solid-state batteries for electric vehicles. In December 2020, SK Innovation announced that it had successfully developed a prototype of a solid-state battery cell that can achieve an energy density of 900 Wh/L, which is higher than the current lithium-ion batteries that have an energy density of around 700 Wh/L. SK Innovation plans to mass-produce its solid-state batteries by 2027. SK Innovation is one of the competitors of Solid Power Inc in the solid-state battery market.


Solid Power Battery Performance?


Solid Power claims that its solid-state batteries have several advantages over conventional lithium-ion batteries, such as:


Higher energy density: Solid-state batteries can store more energy per unit volume than lithium-ion batteries, which means they can provide longer driving range for electric vehicles or reduce the size and weight of the battery pack.


Lower cost: Solid-state batteries can eliminate the need for expensive and scarce materials such as cobalt and nickel that are used in lithium-ion batteries, which can lower the cost of battery production and make electric vehicles more affordable.


Higher safety: Solid-state batteries use a solid electrolyte instead of a liquid or gel electrolyte that is used in lithium-ion batteries, which can prevent leakage, fire, or explosion caused by thermal runaway or mechanical damage.


Longer lifespan: Solid-state batteries can withstand more charge and discharge cycles than lithium-ion batteries without losing their capacity or performance, which means they can last longer and reduce the need for battery replacement.


According to Solid Power’s website, its solid-state batteries can achieve an energy density of over 400 Wh/kg at the cell level and over 300 Wh/kg at the pack level. The company also claims that its solid-state batteries can operate at temperatures ranging from -30°C to 60°C without compromising their performance.


Solid Power Customers?


Solid Power has partnered with several major automakers and suppliers to develop and test its solid-state batteries for electric vehicles. Some of its customers are:


Ford Motor Company: Ford invested $20 million in Solid Power in 2019 and participated in its Series B funding round in 2020. Ford also received prototype cells from Solid Power for testing and validation.


BMW Group: BMW also invested in Solid Power in 2019 and participated in its Series B funding round in 2020. BMW also received prototype cells from Solid Power for testing and validation.


Hyundai Motor Group: Hyundai invested in Solid Power in 2018 and received prototype cells from Solid Power for testing and validation.


Robert Bosch GmbH: Bosch invested in Solid Power in 2018 and received prototype cells from Solid Power for testing and validation.


Continental AG: Continental invested in Solid Power in 2018 and received prototype cells from Solid Power for testing and validation.


Solid Power Ford?


Ford is one of the strategic partners and investors of Solid Power. Ford invested $20 million in Solid Power in 2019 and participated in its Series B funding round in 2020. Ford also received prototype cells from Solid Power for testing and validation. Ford is interested in using Solid Power’s solid-state batteries for its future electric vehicles, especially for its F-150 electric pickup truck that is expected to launch in 2022. Ford hopes that Solid Power’s solid-state batteries can provide longer driving range, lower cost, and higher safety for its electric vehicles.


What Is A Stock Warrant?


A stock warrant is a type of security that gives the holder the right, but not the obligation, to buy or sell a certain number of shares of a company’s stock at a specified price within a specified period of time. A stock warrant is similar to a stock option, but it is issued by the company itself, not by an option exchange. A stock warrant can be used as a way to raise capital, reward employees, or attract investors.


Solid-State EV Battery Manufacturers?


Solid-state EV battery manufacturers are companies that are developing and producing solid-state batteries for electric vehicles. Solid-state batteries are considered to be the next-generation of battery technology that can offer higher energy density, lower cost, higher safety, and longer lifespan than conventional lithium-ion batteries. Some of the solid-state EV battery manufacturers are:


Solid Power Inc: A US-based company that is developing solid-state batteries using sulfide-based solid electrolytes and lithium metal anodes. The company has partnered with several major automakers such as Ford, BMW, Hyundai, Bosch, and Continental.


QuantumScape Corporation: A US-based company that is developing solid-state batteries using ceramic-based solid electrolytes and lithium metal anodes. The company has partnered with Volkswagen Group, which has invested over $300 million in the company.


SK Innovation Co., Ltd.: A South Korean company that is developing solid-state batteries using polymer-based solid electrolytes and lithium metal anodes. The company has announced that it has successfully developed a prototype of a solid-state battery cell that can achieve an energy density of 900 Wh/L.


Toyota Motor Corporation: A Japanese company that is developing solid-state batteries using oxide-based solid electrolytes and lithium metal anodes. The company has announced that it plans to launch its first electric vehicle with a solid-state battery by 2025.

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