Renaissance Technologies LLC Buys 8,289,050 Shares of T1 Energy Inc $TE

Renaissance Technologies LLC increased its stake in T1 Energy Inc (NYSE:TE) by 232.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,858,306 shares of the utilities provider’s stock after buying an additional 8,289,050 shares during the period. Renaissance Technologies LLC’s holdings in T1 Energy were worth $52,058,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TE. Vanguard Group Inc. purchased a new stake in T1 Energy in the 4th quarter valued at about $69,894,000. Kim LLC purchased a new position in shares of T1 Energy during the second quarter worth approximately $8,816,000. Southpoint Capital Advisors LP purchased a new position in shares of T1 Energy during the fourth quarter worth approximately $40,080,000. State Street Corp bought a new stake in shares of T1 Energy during the fourth quarter valued at approximately $34,386,000. Finally, Geode Capital Management LLC purchased a new stake in shares of T1 Energy in the fourth quarter valued at approximately $23,948,000. Institutional investors own 52.31% of the company’s stock.

T1 Energy Price Performance

Shares of TE opened at $4.99 on Monday. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.98 and a current ratio of 1.25. The company has a 50 day moving average price of $8.40 and a 200-day moving average price of $7.19. T1 Energy Inc has a fifty-two week low of $1.15 and a fifty-two week high of $12.49. The stock has a market capitalization of $1.39 billion, a PE ratio of -2.46 and a beta of 2.16.

T1 Energy (NYSE:TE) last issued its quarterly earnings data on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.13. The company had revenue of $177.65 million for the quarter. T1 Energy had a negative net margin of 42.30% and a negative return on equity of 150.51%. During the same period in the previous year, the business earned ($0.11) earnings per share. Equities analysts predict that T1 Energy Inc will post -0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Northland Securities initiated coverage on T1 Energy in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $16.00 price objective on the stock. Sanford C. Bernstein started coverage on T1 Energy in a report on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 target price for the company. BTIG Research upped their target price on T1 Energy from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Wall Street Zen downgraded T1 Energy from a “hold” rating to a “sell” rating in a research report on Sunday, June 21st. Finally, Needham & Company LLC restated a “buy” rating and set a $8.00 price target on shares of T1 Energy in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $9.12.

Insiders Place Their Bets

In other T1 Energy news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of the stock in a transaction on 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 sale, the insider owned 30,652,664 shares of the company’s stock, valued at approximately $249,512,684.96. This trade represents a 23.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 22.44% of the stock is currently owned by corporate insiders.

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.