🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Solid Power CTO sells shares worth over $237,000

Published 10/09/2024, 06:28 AM
SLDP
-

Solid Power, Inc. (NASDAQ:SLDP) reported that its Chief Technology Officer, Joshua Buettner-Garrett, has recently sold a significant number of shares in the company. According to the latest filings, Buettner-Garrett sold 187,500 shares at prices ranging from $1.25 to $1.29, with the weighted average price being $1.2644 per share. This sale resulted in a total transaction value of approximately $237,075.

The transactions took place on October 7, 2024, and were part of a pre-arranged 10b5-1 trading plan, which was adopted by Buettner-Garrett on September 1, 2023. Such plans are commonly used by company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of insider trading. The plan was set to manage tax liabilities arising from the exercise of stock options and for long-term asset diversification.

On the same day, Buettner-Garrett also acquired 187,500 shares of Solid Power's common stock through the exercise of options at a price of $0.03 per share, amounting to a total transaction value of $5,625. This transaction was also conducted under the 10b5-1 trading plan, which is designed to automate the process of exercising options and selling shares to cover taxes and diversification strategies.

Following these transactions, the Chief Technology Officer's ownership in the company stands at 869,720 shares of common stock. Investors and market watchers often pay close attention to insider transactions as they can provide valuable insights into the company's performance and insider perspectives.

Solid Power specializes in the development of solid-state rechargeable batteries for electric vehicles and mobile power markets. The company, headquartered in Louisville, Colorado, has been at the forefront of developing and scaling solid-state battery technology.

In other recent news, Solid Power, Inc. has made several significant developments. The company has extended its joint development agreement with BMW (ETR:BMWG) of North America, LLC, indicating a mutual commitment to advancing solid-state battery technology. Analysts from DA Davidson have maintained a Neutral rating for Solid Power, highlighting the company's steady progress towards new business development.

Solid Power has reported modest revenue growth in the first quarter of 2024, just under $6 million, while projecting revenues between $20 million and $25 million for the year. The company is set to receive up to $50 million in federal funding from the U.S. Department of Energy to support the expansion of its solid-state battery technology. This funding will aid the installation of a novel manufacturing process at Solid Power's Thornton, CO facility, potentially increasing its production capacity of electrolyte material to 140 metric tons by 2028.

The company has also expanded its headquarters in Louisville, Colorado, adding 9,600 square feet to its existing facility. This move is expected to enhance its manufacturing capabilities and support its growth in the electric vehicle battery market. Lastly, Solid Power has appointed Linda Heller as the new Chief Financial Officer and Treasurer, further signifying its commitment to advancing its technology and financial operations.

InvestingPro Insights

To provide additional context to the recent insider transactions at Solid Power, Inc. (NASDAQ:SLDP), it's worth examining some key financial metrics and insights from InvestingPro.

According to InvestingPro data, Solid Power's market capitalization stands at $222.81 million, reflecting its current position in the electric vehicle battery technology sector. The company's revenue for the last twelve months as of Q2 2024 was $19.74 million, with a notable revenue growth of 25.66% over the same period.

However, investors should be aware of some challenges facing the company. An InvestingPro Tip indicates that Solid Power is "quickly burning through cash," which aligns with the company's focus on research and development in the capital-intensive field of solid-state battery technology. This cash burn rate is further reflected in the company's operating income, which stands at -$99.85 million for the last twelve months as of Q2 2024.

Another InvestingPro Tip highlights that Solid Power "suffers from weak gross profit margins." Indeed, the gross profit margin for the last twelve months as of Q2 2024 is -23.03%, underscoring the current profitability challenges in the company's operations.

Despite these financial hurdles, it's noteworthy that Solid Power "holds more cash than debt on its balance sheet," according to another InvestingPro Tip. This financial position could provide some flexibility as the company continues to develop its technology and pursue growth opportunities in the competitive EV battery market.

For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Solid Power, providing a deeper understanding of the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.