T1 Energy (NYSE:TE) Stock Price Down 18.9% – Here’s What Happened

T1 Energy Inc (NYSE:TE – Get Free Report)’s stock price traded down 18.9% on Thursday. The stock traded as low as $2.26 and last traded at $2.2150. Approximately 7,403,235 shares were traded during mid-day trading, a decline of 71% from the average session volume of 25,902,393 shares. The stock had previously closed at $2.73.

Analysts Set New Price Targets

Several research firms have commented on TE. Northland Securities set a $9.00 price target on shares of T1 Energy in a report on Monday, October 5th. Needham & Company LLC lowered their target price on shares of T1 Energy from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, October 23rd. BTIG Research increased their target price on T1 Energy from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. initiated coverage on T1 Energy in a research note on Monday, September 14th. They issued a “neutral” rating and a $5.00 price target on the stock. Finally, Weiss Ratings upgraded T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

Get Our Latest Stock Analysis on T1 Energy

T1 Energy Stock Down 17.0%

The business has a 50 day moving average of $3.64 and a 200-day moving average of $6.03. The stock has a market cap of $667.11 million, a PE ratio of -1.14 and a beta of 2.48. The company has a current ratio of 1.30, a quick ratio of 0.90 and a debt-to-equity ratio of 3.50.

T1 Energy (NYSE:TE – Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $250.13 million during the quarter. T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%. Equities research analysts predict that T1 Energy Inc will post -0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On T1 Energy

A number of institutional investors have recently modified their holdings of the business. Alps Advisors Inc. boosted its stake in T1 Energy by 6.4% during the 3rd quarter. Alps Advisors Inc. now owns 328,825 shares of the utilities provider’s stock worth $1,269,000 after purchasing an additional 19,840 shares during the period. CenterBook Partners LP acquired a new position in T1 Energy in the third quarter valued at $4,526,000. Integrity Advisory Solutions LLC acquired a new position in T1 Energy in the third quarter valued at $40,000. Fifth Third Wealth Advisors LLC acquired a new position in T1 Energy in the third quarter valued at $69,000. Finally, Sterling Capital Management LLC raised its holdings in shares of T1 Energy by 993.0% in the third quarter. Sterling Capital Management LLC now owns 6,886 shares of the utilities provider’s stock valued at $27,000 after buying an additional 6,256 shares during the last quarter. 52.31% of the stock is owned by institutional investors and hedge funds.

About T1 Energy

(Get Free Report)

T1 Energy Inc is a U.S.-focused solar technology and manufacturing company working to develop a domestic solar supply chain. The company’s activities include the production and commercialization of solar photovoltaic modules, as well as the development of solar cell and related manufacturing capabilities.

T1 Energy operates through its G1 manufacturing facility in Texas and is developing additional solar manufacturing and energy infrastructure projects. Its products and services are intended to support utility-scale, commercial and residential solar installations in the United States.

The company was formerly known as FREYR Battery, a business established to develop lithium-ion battery manufacturing capacity.

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