T1 Energy (NYSE:TE) Stock Price Down 6.8% – Here’s What Happened

T1 Energy Inc (NYSE:TE)’s share price dropped 6.8% during trading on Thursday . The stock traded as low as $6.12 and last traded at $6.2090. Approximately 7,136,525 shares were traded during trading, a decline of 72% from the average daily volume of 25,782,758 shares. The stock had previously closed at $6.66.

Analyst Ratings Changes

A number of analysts recently weighed in on TE shares. Northland Securities began coverage on shares of T1 Energy in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $16.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of T1 Energy in a research report on Wednesday, July 8th. Sanford C. Bernstein assumed coverage on shares of T1 Energy in a research report on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 price target for the company. Zacks Research raised shares of T1 Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. Finally, Wall Street Zen downgraded shares of T1 Energy from a “hold” rating to a “sell” rating in a research note on Sunday, June 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.12.

T1 Energy Trading Down 1.4%

The stock has a market capitalization of $1.64 billion, a P/E ratio of -2.88 and a beta of 2.16. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 2.05. The company has a 50-day moving average price of $8.40 and a 200 day moving average price of $7.23.

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, topping analysts’ consensus estimates of ($0.21) by $0.13. T1 Energy had a negative return on equity of 150.51% and a negative net margin of 42.30%.The firm had revenue of $177.65 million during the quarter. During the same quarter last year, the company earned ($0.11) earnings per share. On average, research analysts forecast that T1 Energy Inc will post -0.2 earnings per share for the current fiscal year.

Insider Activity at T1 Energy

In other T1 Energy news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $8.14, for a total transaction of $77,330,000.00. Following the completion of the sale, the insider directly owned 30,652,664 shares of the company’s stock, valued at approximately $249,512,684.96. This represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 22.44% of the company’s stock.

Institutional Inflows and Outflows

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

T1 Energy Company Profile

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.