FREYR Battery (NYSE:FREY) Shares Down 11.2% – Here’s Why

FREYR Battery, Inc. (NYSE:FREY) shares traded down 11.2% during mid-day trading on Wednesday . The stock traded as low as $9.22 and last traded at $9.24. Approximately 31,012,088 shares were traded during mid-day trading, an increase of 1,120% from the average session volume of 2,541,737 shares. The stock had previously closed at $10.40.

FREYR Battery Price Performance

The firm has a market capitalization of $1.19 billion, a P/E ratio of -11.18 and a beta of 0.94. The stock’s fifty day simple moving average is $7.59 and its 200 day simple moving average is $7.08.

About FREYR Battery

FREYR Battery is a sustainable battery technology and manufacturing company focused on producing high-performance lithium-ion cells for electric vehicles (EVs) and energy storage systems. The company aims to leverage low-carbon hydroelectric power in Norway and renewable energy sources in other regions to supply clean battery cells that meet the growing global demand for decarbonized transportation and grid resilience. FREYR’s product roadmap includes battery modules, packs and integrated storage solutions, designed to serve auto manufacturers, utilities and large-scale commercial energy users.

Headquartered in Oslo, Norway, FREYR Battery was founded in 2018 with the mission of establishing cost-efficient, scalable gigafactories in strategic locations.