11 Most Promising EV Battery Stocks According to Analysts

2. Solid Power, Inc. (NASDAQ:SLDP)

Average Analyst Price Target Upside as of September 12: 130.77%

Number of Hedge Fund Holders: 14

Solid Power, Inc. (NASDAQ:SLDP) is a Colorado-based company specializing in solid-state battery technology, especially for EVs and other sectors. The company is known for its sulfide-based solid electrolytes and licenses its proprietary cell designs and production methods. Its technology enhances safety and boosts energy density by 50-75% compared to conventional batteries, making it a competitive option for EVs, electronics, and aerospace.

Solid Power (NASDAQ:SLDP) produces solid-state battery cells and manufactures sulfide solid electrolytes, partnering with major automakers. It has established pilot production lines to improve cell designs and collaborated with companies like SK On, Ford, and BMW. The management remains optimistic and is focusing on expanding electrolyte production, enhancing cell design, and strengthening industry partnerships. Recent developments include increased electrolyte shipments and enhancements in their A-2 cell design.

Analysts have mixed sentiments around Solid Power (NASDAQ:SLDP) stock but the average price target of $3.00 among 5 analysts represents an upside of 130.77% from the current levels on September 12.

As reported by TipRanks on August 7, Needham analyst Chris Pierce has reiterated his Buy rating for the stock, with a price target of $3.00. Pierce is optimistic about the company’s future in the growing all-solid-state batteries market, which offers advantages such as increased range and safety for electric vehicles. Although there has been a recent reduction in revenue forecasts, Pierce believes the company’s long-term outlook remains solid, as short-term EV adoption fluctuations do not heavily impact it.

The analyst considers the stock’s current valuation to be conservative, estimating that by 2030, electric vehicles will make up 35% of the market, with solid-state batteries capturing 4% of that. His price target is based on the company’s expected adjusted earnings for 2030, multiplied by five, which he sees as reflecting the company’s strong growth potential in the EV and battery markets.

In the second quarter, 14 hedge funds held positions worth $7.063 million in the company. Yaupon Capital holds over 1.8 million shares of Solid Power (NASDAQ:SLDP), worth nearly $3.1 million, making it the company’s most prominent shareholder, as of June 30.