T1 Energy (NYSE:TE) Stock Falls 6.3% – Here’s Why

T1 Energy Inc (NYSE:TE) shares were down 6.3% during mid-day trading on Monday. The stock traded as low as $3.61 and last traded at $3.6750. Approximately 3,109,018 shares were traded during trading, a decline of 88% from the average session volume of 26,721,314 shares. The stock had previously closed at $3.92.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Wall Street Zen cut shares of T1 Energy from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 22nd. JPMorgan Chase & Co. assumed coverage on shares of T1 Energy in a research note on Monday, September 14th. They issued a “neutral” rating and a $5.00 price target on the stock. BTIG Research lifted their price objective on T1 Energy from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Northland Securities set a $9.00 price objective on T1 Energy in a research note on Monday. Finally, Weiss Ratings cut T1 Energy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. One equities research 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 company. According to MarketBeat.com, T1 Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.60.

T1 Energy Stock Performance

The firm’s 50-day moving average price is $4.51 and its two-hundred day moving average price is $6.10. The company has a debt-to-equity ratio of 3.50, a quick ratio of 0.90 and a current ratio of 1.30. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -1.92 and a beta of 2.36.

T1 Energy (NYSE:TE) last announced 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. The business had revenue of $250.13 million during the quarter. T1 Energy had a negative net margin of 38.49% and a negative return on equity of 149.67%. On average, analysts expect that T1 Energy Inc will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On T1 Energy

A number of hedge funds have recently made changes to their positions in TE. Renaissance Technologies LLC increased its stake in T1 Energy by 232.2% during the first quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock worth $52,058,000 after purchasing an additional 8,289,050 shares during the period. Bank of America Corp DE increased its position in shares of T1 Energy by 435.9% in the 1st quarter. Bank of America Corp DE now owns 752,961 shares of the utilities provider’s stock valued at $3,305,000 after purchasing an additional 612,452 shares during the last quarter. Electron Capital Partners LLC raised its stake in T1 Energy by 69.4% in the first quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider’s stock valued at $26,031,000 after buying an additional 2,429,564 shares in the last quarter. First Trust Advisors LP acquired a new stake in shares of T1 Energy during the 1st quarter worth about $2,046,000. Finally, Situational Awareness LP acquired a new stake in T1 Energy during the first quarter worth approximately $43,900,000. 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 renewable energy company developing domestic solar manufacturing and related clean-energy infrastructure. The company’s activities center on producing solar photovoltaic components, including solar cells and modules, for the North American market.

T1 Energy is developing its Project Jupiter solar manufacturing platform in Texas, which is intended to support the production of solar products within the United States. The company’s strategy emphasizes strengthening the domestic solar supply chain and serving utility-scale, commercial, and other solar-energy applications.

The company was formerly known as FREYR Battery and previously pursued lithium-ion battery manufacturing projects.