Why is solid power stock dropping

What happened to the shares of Solid Power?

Since the end of last Friday's trading session, shares of Solid Power plummeted 28.6% as of the market's close on Friday. On Tuesday, investors learned that Douglas Campbell, Solid Power's CEO, is retiring, thus leaving his position at the company's helm, effective immediately.

What happened to solid power (SLDP)?

Solid Power, Inc. ( NASDAQ: SLDP) works on solid-state battery technologies for electric vehicles (EVs) and other markets in the US. Over the last year, the company's performance was precarious, with its shares plummeting by about 60%. The awful performance can be attributed to the company's poor financial results.

Is Solid Power's stock performing poorly?

Despite the S&P 500 gaining around 1.1% this week, Solid Power's stock ( SLDP) has been losing ground, dropping by 12.27%. This downturn can be attributed to a shakeup in the company's leadership and a bearish outlook from Wall Street, which has been too influential for the bulls to counteract.

Will solid power stock end 2024 on a sour note?

Poised to end 2024 on a sour note, shares of Solid Power (SLDP 1.80%) are skidding today as investors seem energized about moving the solid-state battery stock out of their portfolios. The irony though is that the company hasn't reported any negative news which would be a catalyst for the sell-off.

What happened to Solid Power?

After Solid Power announced changes to its executive team, Wall Street responded with a downgrade of the stock from buy to neutral by D.A. Davidson analyst Michael Shlisky. The price target was also reduced to $5 from $13.

Should you buy solid power (SLDP)?

There are some warning signs about the company, but there is also a lot of optimism in the strong growth levers. Given the promising future, it's better to hold than sell at a loss. Solid Power, Inc. ( NASDAQ: SLDP) works on solid-state battery technologies for electric vehicles (EVs) and other markets in the US.