#7 - Solid Power (NASDAQ:SLDP)
The case for Solid Power Inc. (NASDAQ: SLDP) as a golden cross stock to watch is simple. However, it still carries a level of risk that may be unattractive to some investors. As its name suggests, Solid Power develops solid-state batteries. If successfully delivered at scale, this technology would threaten the lithium-ion battery as a standard for electric vehicles (EVs).
On the plus side, Solid Power has a solid balance sheet with no debt. The company also has several key partnerships in place with Ford Motor Co. (NYSE: F) and BMW (OTCMKTS: BMWYY). The company has already delivered A-sample cells to its partners for testing. It also plans to develop A-2 sample cells – which the company says will potentially provide superior safety and performance.
That said, many companies have tried and failed to advance solid-state technology. However, Solid Power appears to have a formula that’s working. If you can look past the high short interest on SLDP stock, it may be worth a speculative bet.
About Solid Power
Solid Power, Inc develops solid state battery technologies for the electric vehicles (EV) and other markets in the United States. The company sells its sulfide-based solid electrolyte; and licenses its solid-state cell designs and manufacturing processes. It also produces and sells 0.2, 2, 20 ampere-hour (Ah), and EV cells.
Read More - Current Price
- $1.33
- Consensus Rating
- Hold
- Ratings Breakdown
- 2 Buy Ratings, 1 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $3.00 (125.6% Upside)
Like many technical indicators, the golden cross is used primarily by traders to signal when they enter and exit positions. However, buy-and-hold investors can still benefit from this trading signal.
The axiom that time in the market is better than timing the market is still as true today as ever. But even if you have a long position, buying a stock you currently own when it's forming a golden cross pattern can lead to opportunistic growth.
That said, a golden cross can be a false breakout signal. Finding stocks that are forming a true golden cross requires confirmation, which may require more time staring at screens than many investors would prefer.
It's also important to understand why a stock may form a golden cross pattern. That's why MarketBeat offers a free tool that provides a list of stocks that have formed a golden cross within the last seven trading days. This free tool is updated every trading day.
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