T1 Energy (NYSE:TE) Stock Price Up 11.1% – Should You Buy?

T1 Energy Inc (NYSE:TE)’s share price shot up 11.1% during mid-day trading on Tuesday. The stock traded as high as $2.87 and last traded at $2.8450. 6,785,981 shares traded hands during trading, a decline of 74% from the average daily volume of 25,812,867 shares. The stock had previously closed at $2.56.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TE shares. JPMorgan Chase & Co. assumed coverage on shares of T1 Energy in a research note on Monday, September 14th. They set a “neutral” rating and a $5.00 price objective on the stock. Needham & Company LLC decreased their price objective on shares of T1 Energy from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Northland Securities set a $9.00 target price on shares of T1 Energy in a research note on Monday, October 5th. Wall Street Zen cut T1 Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. Finally, BTIG Research lifted their price target on T1 Energy from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. One 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.50.

T1 Energy Stock Down 16.4%

The stock has a market capitalization of $672.41 million, a price-to-earnings ratio of -1.15 and a beta of 2.48. The company has a debt-to-equity ratio of 3.50, a current ratio of 1.30 and a quick ratio of 0.90. The business has a fifty day moving average of $3.64 and a 200 day moving average of $6.03.

T1 Energy (NYSE:TE) last posted its earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%. The company had revenue of $250.13 million during the quarter. As a group, equities analysts predict that T1 Energy Inc will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On T1 Energy

Several institutional investors and hedge funds have recently modified their holdings of the company. 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. Blackhawk Capital Partners LLC acquired a new stake in shares of T1 Energy during the first quarter worth about $44,000. SteelPeak Wealth LLC purchased a new position in shares of T1 Energy during the first quarter worth about $46,000. Integrity Advisory Solutions LLC purchased a new position in shares of T1 Energy during the third quarter worth about $40,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of T1 Energy during the third quarter worth about $46,000. Hedge funds and other institutional investors own 52.31% of the company’s stock.

About T1 Energy

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.