FREYR Battery (NYSE:FREY) Stock Price Down 11.5%

FREYR Battery (NYSE:FREYGet Rating) shares fell 11.5% during trading on Friday . The stock traded as low as $13.61 and last traded at $13.61. 43,017 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 3,872,681 shares. The stock had previously closed at $15.37.

Analyst Ratings Changes

Several brokerages recently commented on FREY. The Goldman Sachs Group raised FREYR Battery from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $11.00 to $19.00 in a report on Wednesday, August 24th. BTIG Research lifted their price objective on FREYR Battery from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, September 1st. Credit Suisse Group lifted their price objective on FREYR Battery to $16.00 in a report on Monday, August 15th. Finally, Morgan Stanley set a $26.00 target price on FREYR Battery and gave the company an “overweight” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, FREYR Battery presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

FREYR Battery Stock Down 13.4 %

The company has a market capitalization of $1.55 billion, a PE ratio of -15.11 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 11.74 and a quick ratio of 11.74. The company has a 50-day moving average of $11.46 and a two-hundred day moving average of $9.83.

FREYR Battery (NYSE:FREYGet Rating) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.26) by $0.30. During the same period in the previous year, the company earned ($0.04) earnings per share. Sell-side analysts anticipate that FREYR Battery will post -1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FREYR Battery

Large investors have recently made changes to their positions in the business. Quantbot Technologies LP lifted its position in shares of FREYR Battery by 653.2% in the second quarter. Quantbot Technologies LP now owns 3,879 shares of the company’s stock valued at $26,000 after acquiring an additional 3,364 shares in the last quarter. First PREMIER Bank purchased a new stake in shares of FREYR Battery in the second quarter worth about $31,000. Royal Bank of Canada lifted its position in shares of FREYR Battery by 158.6% in the first quarter. Royal Bank of Canada now owns 3,931 shares of the company’s stock worth $49,000 after buying an additional 2,411 shares in the last quarter. Ogorek Anthony Joseph NY ADV purchased a new stake in shares of FREYR Battery in the first quarter worth about $62,000. Finally, Creative Planning purchased a new stake in shares of FREYR Battery in the second quarter worth about $72,000. 56.29% of the stock is currently owned by hedge funds and other institutional investors.

FREYR Battery Company Profile

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FREYR Battery engages in the production and sale of battery cells for stationary energy storage, electric mobility, and marine applications in Europe and internationally. The company designs and manufactures lithium-ion based battery cell facilities. The company was founded in 2018 and is based in Luxembourg.

Further Reading

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