T1 Energy (NYSE:TE) Shares Down 9.7% – Here’s What Happened

T1 Energy Inc (NYSE:TE) shares fell 9.7% on Wednesday . The company traded as low as $5.39 and last traded at $5.2850. 2,911,953 shares were traded during trading, a decline of 84% from the average session volume of 18,283,732 shares. The stock had previously closed at $5.85.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TE. Weiss Ratings restated a “sell (e+)” rating on shares of T1 Energy in a research note on Friday, March 27th. BTIG Research lifted their price target on shares of T1 Energy from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of T1 Energy in a report on Tuesday. Finally, Zacks Research cut T1 Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, April 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, T1 Energy has a consensus rating of “Moderate Buy” and an average price target of $8.00.

T1 Energy Trading Down 3.8%

The company’s 50 day simple moving average is $5.81 and its two-hundred day simple moving average is $5.90. The company has a quick ratio of 1.18, a current ratio of 1.43 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -2.75 and a beta of 1.78.

T1 Energy (NYSE:TE) last issued its quarterly earnings data on Wednesday, May 13th. The utilities provider reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.13. The firm had revenue of $177.65 million during the quarter. T1 Energy had a negative return on equity of 173.39% and a negative net margin of 48.11%.During the same quarter in the prior year, the company posted ($0.11) EPS. As a group, research analysts anticipate that T1 Energy Inc will post -0.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On T1 Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio acquired a new stake in T1 Energy in the first quarter worth about $26,000. Envestnet Asset Management Inc. purchased a new position in shares of T1 Energy in the 2nd quarter valued at approximately $27,000. NBC Securities Inc. purchased a new position in shares of T1 Energy in the 4th quarter valued at approximately $28,000. First PREMIER Bank acquired a new stake in T1 Energy in the 4th quarter worth approximately $30,000. Finally, Blackhawk Capital Partners LLC acquired a new stake in T1 Energy in the 1st quarter worth approximately $44,000. 52.31% of the stock is currently owned by hedge funds and other institutional investors.

About T1 Energy

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.