T1 Energy (NYSE:TE) Coverage Initiated at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. began coverage on shares of T1 Energy (NYSE:TE) in a report released on Monday, Benzinga reports. The firm set a “neutral” rating and a $5.00 price target on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 8.34% from the company’s current price.

A number of other research analysts have also recently commented on TE. Needham & Company LLC reduced their price target on shares of T1 Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Zacks Research raised shares of T1 Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. BTIG Research lifted their target price on shares of T1 Energy from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Wall Street Zen downgraded shares of T1 Energy from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of T1 Energy in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $8.67.

T1 Energy Price Performance

TE opened at $4.62 on Monday. The company has a current ratio of 1.30, a quick ratio of 0.90 and a debt-to-equity ratio of 3.50. The stock has a market capitalization of $1.36 billion, a P/E ratio of -2.33 and a beta of 2.25. The stock has a 50-day moving average price of $5.28 and a 200-day moving average price of $6.49. T1 Energy has a 12-month low of $1.70 and a 12-month high of $12.49.

T1 Energy (NYSE:TE) last announced its quarterly earnings data on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $250.13 million for the quarter. T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%. Equities analysts predict that T1 Energy will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of T1 Energy

A number of institutional investors have recently made changes to their positions in TE. Renaissance Technologies LLC increased its stake in shares of T1 Energy by 232.2% in the first quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock worth $52,058,000 after buying an additional 8,289,050 shares during the period. Situational Awareness LP bought a new stake in T1 Energy during the 1st quarter valued at $43,900,000. Kim LLC purchased a new stake in T1 Energy during the 2nd quarter valued at $8,816,000. Southpoint Capital Advisors LP purchased a new stake in T1 Energy during the 4th quarter valued at $40,080,000. Finally, Electron Capital Partners LLC boosted its position in T1 Energy by 69.4% during the 1st quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider’s stock valued at $26,031,000 after buying an additional 2,429,564 shares during the period. Hedge funds and other institutional investors own 52.31% of the company’s stock.

T1 Energy Company Profile

T1 Energy Inc (NYSE: TE) is a U.S.-focused solar energy company developing domestic manufacturing and supply-chain capabilities for the photovoltaic industry. Its business centers on producing solar modules and supporting the deployment of utility-scale and other solar power projects.

The company’s operations are anchored by a solar module manufacturing facility in Texas, which it acquired as part of its transition into the solar industry. T1 Energy is focused on expanding U.S.-based production and serving the North American market as demand grows for domestically manufactured solar equipment.

T1 Energy was formerly known as FREYR Battery, a company established to develop battery-cell manufacturing operations.