Solid Power, Inc. SLDP shares are trading higher Tuesday after the company announced that its board of directors has authorized the repurchase of up to $50 million of the company’s common stock.
The Details:
Solid Power stated that purchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions, and the repurchase program will expire on Dec. 31, 2025.
“This program is a reflection of our strong cash position and commitment to creating shareholder value,” said John Van Scoter, CEO of Solid Power.
“It is driven by our view that Solid Power’s shares are undervalued and demonstrates confidence in our progress. We believe that with our unique capital-light business model, we can opportunistically buy back shares while continuing to drive technology development.”
Last week, Solid Power announced it had deepened its partnership with SK On with three new agreements including a research and development license, a line installation arrangement and an electrolyte supply agreement.
“This expanded arrangement with SK On provides the framework for closer collaboration with one of the industry’s leading battery manufacturers and increases our presence in one of the world’s most strategically important battery markets,” said Van Scoter.
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Is SLDP A Buy: Wall Street analysts view Solid Power SLDP on the whole as a Buy, given the history of coverage over the past three months. Chris Pierce from Needham in Solid Power is the most bearish, expecting a 25% fall in the stock in the coming year.
Looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Solid Power rose 4.95%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 126.31% over the past year.
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SLDP Price Action: According to Benzinga Pro, Solid Power shares are up 27.8% at $1.49 at the time of publication.
Image: Nerijus jakimavičius from Pixabay
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