T1 Energy (NYSE:TE) Trading Up 9.7% – Here’s What Happened

T1 Energy Inc (NYSE:TE)’s share price shot up 9.7% on Tuesday . The company traded as high as $9.65 and last traded at $9.74. 18,025,957 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 25,220,070 shares. The stock had previously closed at $8.88.

Wall Street Analysts Forecast Growth

TE has been the subject of several recent analyst reports. Wall Street Zen cut T1 Energy from a “hold” rating to a “sell” rating in a research report on Sunday, June 21st. Sanford C. Bernstein began coverage on T1 Energy in a research report on Tuesday, June 16th. They set a “market perform” rating and a $9.00 price target on the stock. Zacks Research raised T1 Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. BTIG Research lifted their target price on shares of T1 Energy from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price objective on shares of T1 Energy in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, T1 Energy has an average rating of “Moderate Buy” and an average price target of $9.12.

T1 Energy Trading Up 5.7%

The stock’s 50 day moving average price is $7.76 and its 200-day moving average price is $7.11. The stock has a market capitalization of $2.62 billion, a PE ratio of -4.64 and a beta of 2.13. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 2.05.

T1 Energy (NYSE:TE) last posted its earnings results on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.13. The company had revenue of $177.65 million during the quarter. T1 Energy had a negative net margin of 42.30% and a negative return on equity of 150.51%. During the same period in the previous year, the business posted ($0.11) earnings per share. On average, sell-side analysts expect that T1 Energy Inc will post -0.2 earnings per share for the current fiscal year.

Insider Activity

In other T1 Energy news, major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $8.69, for a total transaction of $112,970,000.00. Following the transaction, the insider owned 40,152,664 shares of the company’s stock, valued at approximately $348,926,650.16. This trade represents a 24.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 22.44% of the company’s stock.

Hedge Funds Weigh In On T1 Energy

Several hedge funds have recently made changes to their positions in the company. Strs Ohio purchased a new position in shares of T1 Energy in the 1st quarter valued at about $26,000. Envestnet Asset Management Inc. acquired a new stake in T1 Energy in the 2nd quarter valued at approximately $27,000. NBC Securities Inc. acquired a new position in shares of T1 Energy in the fourth quarter valued at approximately $28,000. First PREMIER Bank purchased a new stake in shares of T1 Energy during the fourth quarter worth approximately $30,000. Finally, Blackhawk Capital Partners LLC purchased a new stake in T1 Energy during the 1st quarter worth about $44,000. 52.31% of the stock is owned by institutional investors and hedge funds.

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.