T1 Energy (NYSE:TE) Shares Down 8.9% – What’s Next?

T1 Energy Inc (NYSE:TE)’s stock price was down 8.9% during trading on Friday . The stock traded as low as $5.27 and last traded at $5.1750. 3,557,201 shares were traded during trading, a decline of 87% from the average session volume of 26,643,248 shares. The stock had previously closed at $5.68.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TE. Zacks Research upgraded T1 Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Wall Street Zen lowered shares of T1 Energy from a “hold” rating to a “sell” rating in a research note on Sunday, June 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of T1 Energy in a research report on Wednesday, July 8th. Sanford C. Bernstein initiated coverage on shares of T1 Energy in a research report on Tuesday, June 16th. They set a “market perform” rating and a $9.00 target price on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of T1 Energy in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.12.

T1 Energy Trading Down 9.2%

The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 2.05. The business’s 50 day moving average is $8.42 and its 200-day moving average is $7.21. The firm has a market cap of $1.44 billion, a P/E ratio of -2.52 and a beta of 2.16.

T1 Energy (NYSE:TE) last posted its quarterly earnings results on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.13. T1 Energy had a negative net margin of 42.30% and a negative return on equity of 150.51%. The firm had revenue of $177.65 million for the quarter. During the same period in the prior year, the company earned ($0.11) earnings per share. As a group, analysts forecast that T1 Energy Inc will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at T1 Energy

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

Hedge Funds Weigh In On T1 Energy

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. bought a new stake in T1 Energy in the fourth quarter valued at about $69,894,000. Situational Awareness LP bought a new position in T1 Energy during the 1st quarter worth approximately $43,900,000. Renaissance Technologies LLC lifted its holdings in T1 Energy by 232.2% during the 1st 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 last quarter. Kim LLC bought a new position in T1 Energy during the 2nd quarter worth approximately $8,816,000. Finally, Southpoint Capital Advisors LP acquired a new position in shares of T1 Energy in the 4th quarter worth approximately $40,080,000. 52.31% of the stock is currently owned by institutional investors and hedge funds.

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.