T1 Energy (NYSE:TE) Stock Price Up 5.5% – Time to Buy?

T1 Energy Inc (NYSE:TE)’s stock price rose 5.5% during trading on Tuesday. The company traded as high as $3.78 and last traded at $3.7650. Approximately 5,796,703 shares traded hands during trading, a decline of 78% from the average daily volume of 26,927,582 shares. The stock had previously closed at $3.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TE shares. Northland Securities began coverage on 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 restated a “sell (d-)” rating on shares of T1 Energy in a report on Wednesday, July 8th. Wall Street Zen downgraded T1 Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. Needham & Company LLC reduced their price target on shares of T1 Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Finally, BTIG Research raised their price objective on shares of T1 Energy from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.30.

T1 Energy Price Performance

The stock’s 50 day moving average is $4.60 and its two-hundred day moving average is $6.21. The stock has a market capitalization of $1.14 billion, a PE ratio of -1.96 and a beta of 2.25. The company has a debt-to-equity ratio of 3.50, a current ratio of 1.30 and a quick ratio of 0.90.

T1 Energy (NYSE:TE) last issued its quarterly earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. T1 Energy had a negative net margin of 38.49% and a negative return on equity of 149.67%. The company had revenue of $250.13 million during the quarter. As a group, sell-side analysts forecast that T1 Energy Inc will post -0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On T1 Energy

Large investors have recently bought and sold shares of the business. SkyView Investment Advisors LLC acquired a new position in shares of T1 Energy during the 2nd quarter worth about $190,000. Sequoia Financial Advisors LLC acquired a new stake in shares of T1 Energy during the 2nd quarter worth about $152,000. IPG Investment Advisors LLC purchased a new stake in T1 Energy during the second quarter worth approximately $244,000. WINTON GROUP Ltd purchased a new stake in T1 Energy during the second quarter worth approximately $1,932,000. Finally, NewEdge Advisors LLC boosted its holdings in T1 Energy by 208.5% in the second quarter. NewEdge Advisors LLC now owns 265,753 shares of the utilities provider’s stock valued at $2,519,000 after purchasing an additional 179,612 shares in the last quarter. Hedge funds and other institutional investors own 52.31% of the company’s stock.

About T1 Energy

T1 Energy Inc (NYSE: TE) is a U.S.-focused solar energy company developing domestic manufacturing and supply-chain capabilities for the photovoltaic industry. Its business centers on producing solar modules and supporting the deployment of utility-scale and other solar power projects.

The company’s operations are anchored by a solar module manufacturing facility in Texas, which it acquired as part of its transition into the solar industry. T1 Energy is focused on expanding U.S.-based production and serving the North American market as demand grows for domestically manufactured solar equipment.

T1 Energy was formerly known as FREYR Battery, a company established to develop battery-cell manufacturing operations.