T1 Energy (NYSE:TE) Stock Gets Price Target Reduction from Needham & Company LLC

T1 Energy (NYSE:TE) had its price objective trimmed by Needham & Company LLC from $7.00 to $6.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the utilities provider’s stock.

A number of other equities analysts also recently weighed in on the stock. Weiss Ratings raised shares of T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 16th. BTIG Research upped their price target on shares of T1 Energy from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Wall Street Zen cut shares of T1 Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. Vertical Research began coverage on T1 Energy in a report on Thursday, September 17th. They set a “hold” rating and a $5.00 price target for the company. Finally, JPMorgan Chase & Co. began coverage on T1 Energy in a report on Monday, September 14th. They set a “neutral” rating and a $5.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, T1 Energy currently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

T1 Energy Stock Performance

NYSE:TE opened at $2.29 on Friday. The company has a market capitalization of $675.95 million, a PE ratio of -1.16 and a beta of 2.36. The company has a 50 day simple moving average of $3.95 and a two-hundred day simple moving average of $5.85. The company has a debt-to-equity ratio of 3.50, a quick ratio of 0.90 and a current ratio of 1.30. T1 Energy has a fifty-two week low of $2.21 and a fifty-two week high of $12.49.

T1 Energy (NYSE:TE) last released its quarterly earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. T1 Energy had a negative net margin of 38.49% and a negative return on equity of 149.67%. The firm had revenue of $250.13 million during the quarter. Research analysts anticipate that T1 Energy will post -0.34 earnings per share for the current year.

Institutional Trading of T1 Energy

Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake in shares of T1 Energy by 232.2% in the 1st quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock valued at $52,058,000 after acquiring an additional 8,289,050 shares in the last quarter. Situational Awareness LP bought a new position in T1 Energy during the first quarter worth $43,900,000. Electron Capital Partners LLC boosted its stake in T1 Energy by 69.4% during the first quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider’s stock worth $26,031,000 after acquiring an additional 2,429,564 shares in the last quarter. Squarepoint Ops LLC boosted its stake in T1 Energy by 35.2% during the second quarter. Squarepoint Ops LLC now owns 1,429,027 shares of the utilities provider’s stock worth $13,547,000 after acquiring an additional 371,874 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new position in T1 Energy during the first quarter worth $4,529,000. Institutional investors and hedge funds own 52.31% of the company’s stock.

T1 Energy Company Profile

T1 Energy Inc is a U.S.-focused solar technology and manufacturing company working to develop a domestic solar supply chain. The company’s activities include the production and commercialization of solar photovoltaic modules, as well as the development of solar cell and related manufacturing capabilities.

T1 Energy operates through its G1 manufacturing facility in Texas and is developing additional solar manufacturing and energy infrastructure projects. Its products and services are intended to support utility-scale, commercial and residential solar installations in the United States.

The company was formerly known as FREYR Battery, a business established to develop lithium-ion battery manufacturing capacity.