Insider Selling: T1 Energy (NYSE:TE) Major Shareholder Sells $112,970,000.00 in Stock

T1 Energy Inc (NYSE:TE) major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $8.69, for a total transaction of $112,970,000.00. Following the completion of the transaction, the insider owned 40,152,664 shares in the company, valued at approximately $348,926,650.16. The trade was a 24.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Solar (Schweiz) Ag Trina also recently made the following trade(s):

• On Friday, May 22nd, Solar (Schweiz) Ag Trina sold 9,500,000 shares of T1 Energy stock. The stock was sold at an average price of $8.14, for a total transaction of $77,330,000.00.

T1 Energy Trading Down 1.2%

T1 Energy stock opened at $10.83 on Friday. The company has a market cap of $3.02 billion, a P/E ratio of -5.34 and a beta of 1.78. The firm’s 50-day moving average is $5.98 and its 200-day moving average is $6.27. T1 Energy Inc has a 1 year low of $1.03 and a 1 year high of $11.43. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.98 and a current ratio of 1.25.

T1 Energy (NYSE:TE) last issued its quarterly earnings data on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.13. The firm 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 quarter in the prior year, the business earned ($0.11) earnings per share. On average, equities analysts expect that T1 Energy Inc will post -0.29 earnings per share for the current year.

Hedge Funds Weigh In On T1 Energy

Several hedge funds have recently made changes to their positions in TE. Vanguard Group Inc. acquired a new position in shares of T1 Energy in the 4th quarter worth approximately $69,894,000. Situational Awareness LP acquired a new position in shares of T1 Energy in the first quarter worth about $43,900,000. Renaissance Technologies LLC boosted its holdings 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. Kim LLC acquired a new position in shares of T1 Energy in the second quarter worth about $8,816,000. Finally, Southpoint Capital Advisors LP acquired a new position in shares of T1 Energy in the fourth quarter worth about $40,080,000. Institutional investors and hedge funds own 52.31% of the company’s stock.

Analysts Set New Price Targets

TE has been the topic of several research analyst reports. BTIG Research raised their target price on shares of T1 Energy from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of T1 Energy in a research note on Friday, March 27th. Zacks Research raised shares of T1 Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price objective on shares of T1 Energy in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $8.00.

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.