T1 Energy (NYSE:TE) Shares Gap Up on Strong Earnings

Shares of T1 Energy Inc (NYSE:TE) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $6.04, but opened at $6.50. T1 Energy shares last traded at $6.1610, with a volume of 12,905,127 shares.

The utilities provider reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.13. T1 Energy had a negative return on equity of 173.39% and a negative net margin of 48.11%.The firm had revenue of $177.65 million for the quarter. During the same period last year, the firm posted ($0.11) earnings per share.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Zacks Research downgraded T1 Energy from a “hold” rating to a “strong sell” rating in a report on Friday, April 3rd. Needham & Company LLC dropped their price objective on T1 Energy from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, April 2nd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of T1 Energy in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.83.

Hedge Funds Weigh In On T1 Energy

Several large investors have recently modified their holdings of the stock. Strs Ohio acquired a new position in T1 Energy in the first quarter worth about $26,000. Envestnet Asset Management Inc. acquired a new stake in T1 Energy during the second quarter valued at approximately $27,000. Geode Capital Management LLC bought a new position in T1 Energy during the 2nd quarter worth approximately $3,296,000. Cetera Investment Advisers bought a new position in T1 Energy during the 2nd quarter worth approximately $162,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of T1 Energy in the 2nd quarter worth approximately $71,000. Institutional investors own 52.31% of the company’s stock.

T1 Energy Trading Down 2.6%

The company has a current ratio of 1.43, a quick ratio of 1.18 and a debt-to-equity ratio of 1.37. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -2.90 and a beta of 1.78. The firm has a 50-day moving average price of $5.82 and a 200 day moving average price of $5.89.

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.