T1 Energy (NYSE:TE) Stock Price Down 9.2% – Here’s What Happened

T1 Energy Inc (NYSE:TE)’s share price dropped 9.2% during trading on Thursday . The stock traded as low as $8.37 and last traded at $8.3390. 14,568,322 shares changed hands during trading, a decline of 42% from the average session volume of 25,256,480 shares. The stock had previously closed at $9.18.

Wall Street Analyst Weigh In

TE has been the subject of several recent analyst reports. Zacks Research upgraded shares of T1 Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Northland Securities started coverage on T1 Energy in a report on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 target price for the company. Wall Street Zen downgraded shares of T1 Energy from a “hold” rating to a “sell” rating in a report on Sunday, June 21st. BTIG Research raised their target price on T1 Energy from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Sanford C. Bernstein began coverage on shares of T1 Energy in a report on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, T1 Energy presently has an average rating of “Moderate Buy” and an average price target of $9.12.

T1 Energy Stock Down 10.2%

The company has a market capitalization of $2.30 billion, a PE ratio of -4.09 and a beta of 2.16. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.25 and a quick ratio of 0.98. The business’s 50 day simple moving average is $7.94 and its 200 day simple moving average is $7.15.

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

Insider Activity

In related news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $8.14, for a total value of $77,330,000.00. Following the sale, the insider directly owned 30,652,664 shares in the company, valued at approximately $249,512,684.96. The trade was a 23.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 22.44% of the company’s stock.

Institutional Investors Weigh In On T1 Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC purchased a new stake in T1 Energy in the fourth quarter valued at approximately $2,637,000. Kim LLC acquired a new position in T1 Energy during the fourth quarter worth $8,684,000. Vanguard Group Inc. purchased a new position in shares of T1 Energy during the fourth quarter worth $69,894,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in T1 Energy in the 4th quarter valued at about $1,298,000. Finally, DNB Asset Management AS acquired a new position in T1 Energy during the 4th quarter worth $995,000. 52.31% of the stock is 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.