SES AI (NYSE:SES) Stock Price Down 11.4% – Here’s What Happened

SES AI Co. (NYSE:SES)’s stock price traded down 11.4% during mid-day trading on Thursday . The company traded as low as $1.84 and last traded at $1.94. 7,247,508 shares traded hands during trading, an increase of 118% from the average session volume of 3,326,584 shares. The stock had previously closed at $2.19.

Wall Street Analysts Forecast Growth

SES has been the subject of several analyst reports. Wolfe Research began coverage on shares of SES AI in a report on Thursday, September 5th. They issued an “underperform” rating and a $1.00 target price for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.50 target price on shares of SES AI in a report on Tuesday, September 10th.

SES AI Stock Performance

The stock has a fifty day moving average of $0.58 and a 200 day moving average of $0.85. The company has a market capitalization of $724.78 million, a PE ratio of -8.74 and a beta of 2.27.

SES AI (NYSE:SES) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04). During the same period last year, the firm posted ($0.04) EPS. As a group, equities analysts predict that SES AI Co. will post -0.23 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder General Motors Holdings Llc sold 13,332,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $0.20, for a total value of $2,666,400.00. Following the completion of the transaction, the insider now owns 9,843,622 shares of the company’s stock, valued at approximately $1,968,724.40. This trade represents a 57.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jing Nealis sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $1.02, for a total value of $153,000.00. Following the sale, the chief financial officer now directly owns 1,935,322 shares in the company, valued at $1,974,028.44. The trade was a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,866,910 shares of company stock valued at $3,663,346 in the last quarter. 15.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SES AI

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in SES AI by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,094,624 shares of the company’s stock worth $1,980,000 after purchasing an additional 83,607 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of SES AI by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,162,112 shares of the company’s stock worth $744,000 after acquiring an additional 46,778 shares during the last quarter. Bank of New York Mellon Corp grew its position in SES AI by 20.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 427,944 shares of the company’s stock valued at $535,000 after acquiring an additional 71,794 shares during the last quarter. Squarepoint Ops LLC increased its stake in SES AI by 1,039.9% in the second quarter. Squarepoint Ops LLC now owns 246,964 shares of the company’s stock worth $309,000 after purchasing an additional 225,299 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of SES AI by 204.1% during the third quarter. JPMorgan Chase & Co. now owns 182,977 shares of the company’s stock worth $117,000 after purchasing an additional 122,803 shares during the last quarter. 29.78% of the stock is owned by hedge funds and other institutional investors.

About SES AI

SES AI Corporation engages in the development and production of high-performance Lithium-metal rechargeable batteries for electric vehicles, electric vehicle take-off and landing, and other applications. The company was founded in 2012 and is headquartered in Woburn, Massachusetts.