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Solid Power (NASDAQ:SLDP) -29.2% to all-time lows in early trading Wednesday after CEO and co-founder Douglas Campbell's surprise resignation from the company and its board sparked a downgrade at DA Davidson to Neutral from Buy with a Street-low $5 price target, slashed from $13.
DA Davidson's Michael Shlisky said he was surprised by the "sudden announcement, to put it mildly"; while Campbell's quick exit may be related to family matters, Shlisky is "not sure what to expect from here."
The analyst said the company has failed to answer questions including "Why now? Why so suddenly? Why both the company and the board?" and would have "preferred a more seamless transition with a retirement date in the not-too-distant future."
"While SLDP remains in the development stage of its solid-state electrolyte product, we have been impressed with Mr. Campbell's ability to lead a complex technological product to this advanced stage, proceeding largely in-line with his SPAC-deck projections (a rarity these days)," Shlisky wrote.
Solid Power's (SLDP) "solid-state battery cell technology revolutionizes the industry," GS Investing writes in an analysis published recently on Seeking Alpha.