T1 Energy (NYSE:TE) Trading 8.7% Higher – Here’s What Happened

T1 Energy Inc (NYSE:TE)’s stock price was up 8.7% during mid-day trading on Friday . The company traded as high as $5.29 and last traded at $5.2070. Approximately 5,270,369 shares were traded during trading, a decline of 81% from the average daily volume of 28,261,002 shares. The stock had previously closed at $4.79.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Zacks Research raised T1 Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Needham & Company LLC reduced their price target on T1 Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Sanford C. Bernstein initiated coverage on T1 Energy in a research note on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 price target on the stock. BTIG Research boosted their price objective on T1 Energy from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Northland Securities started coverage on T1 Energy in a research report on Wednesday, June 3rd. They issued an “outperform” rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.12.

T1 Energy Stock Performance

The firm has a market cap of $1.45 billion, a P/E ratio of -2.63 and a beta of 2.23. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 2.05. The business’s fifty day simple moving average is $7.07 and its 200-day simple moving average is $6.91.

T1 Energy (NYSE:TE) last issued its quarterly earnings data on Wednesday, August 12th. The utilities provider reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.04. The firm had revenue of $250.13 million during the quarter. T1 Energy had a negative net margin of 38.49% and a negative return on equity of 151.04%. As a group, sell-side analysts expect that T1 Energy Inc will post -0.2 earnings per share for the current year.

Insider Activity

In related news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $8.14, for a total transaction of $77,330,000.00. Following the transaction, the insider owned 30,652,664 shares in the company, valued at $249,512,684.96. The trade was a 23.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 22.44% of the stock is owned by insiders.

Institutional Investors Weigh In On T1 Energy

Several institutional investors and hedge funds have recently bought and sold shares of TE. Strs Ohio bought a new stake in shares of T1 Energy in the 1st quarter worth approximately $26,000. Envestnet Asset Management Inc. bought a new position in shares of T1 Energy during the second quarter valued at approximately $27,000. Geode Capital Management LLC purchased a new stake in T1 Energy in the second quarter worth $3,296,000. Cetera Investment Advisers purchased a new stake in T1 Energy in the second quarter worth $162,000. Finally, JPMorgan Chase & Co. purchased a new stake in T1 Energy in the second quarter worth $71,000. Hedge funds and other institutional investors own 52.31% of the company’s stock.

About T1 Energy

T1 Energy Inc is an energy solutions provider building an integrated supply chain for solar and batteries. T1 Energy Inc , formerly known as FREYR Battery, is based in NEW YORK.