T1 Energy (NYSE:TE) Shares Up 11.1% – Here’s What Happened

Shares of T1 Energy Inc (NYSE:TE) traded up 11.1% during mid-day trading on Tuesday. The stock traded as high as $2.87 and last traded at $2.8450. Approximately 6,785,981 shares were traded during trading, a decline of 74% from the average session volume of 25,812,867 shares. The stock had previously closed at $2.56.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. assumed coverage on T1 Energy in a research report on Monday, September 14th. They set a “neutral” rating and a $5.00 price objective on the stock. Northland Securities set a $9.00 price objective on T1 Energy in a report on Monday, October 5th. Weiss Ratings upgraded T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 16th. Vertical Research began coverage on T1 Energy in a research note on Thursday, September 17th. They issued a “hold” rating and a $5.00 target price for the company. Finally, BTIG Research increased 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. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.50.

T1 Energy Stock Performance

The company has a market cap of $849.71 million, a P/E ratio of -1.46 and a beta of 2.36. The company’s fifty day moving average is $3.71 and its 200 day moving average is $6.08. The company has a current ratio of 1.30, a quick ratio of 0.90 and a debt-to-equity ratio of 3.50.

T1 Energy (NYSE:TE) last posted its quarterly earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. The business 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 149.67%. As a group, equities analysts predict that T1 Energy Inc will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TE. Renaissance Technologies LLC lifted 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 during the last quarter. Situational Awareness LP purchased a new stake in T1 Energy during the 1st quarter valued at about $43,900,000. Electron Capital Partners LLC boosted its holdings 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 acquiring an additional 2,429,564 shares during the period. Squarepoint Ops LLC grew its position in T1 Energy by 35.2% during the 2nd 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 during the last quarter. Finally, CenterBook Partners LP bought a new position in T1 Energy during the 3rd quarter worth approximately $4,526,000. Hedge funds and other institutional investors own 52.31% of the company’s stock.

About T1 Energy

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.