T1 Energy (NYSE:TE) Shares Gap Up – Still a Buy?

T1 Energy Inc (NYSE:TE)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $2.83, but opened at $3.25. T1 Energy shares last traded at $3.2040, with a volume of 13,110,243 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on TE shares. Vertical Research began coverage on T1 Energy in a research note on Thursday, September 17th. They issued a “hold” rating and a $5.00 target price on the stock. Wall Street Zen lowered T1 Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, August 22nd. Northland Securities set a $9.00 price objective on T1 Energy in a research note on Monday, October 5th. Weiss Ratings raised shares of T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 16th. Finally, BTIG Research increased their target price on shares of T1 Energy from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $7.50.

T1 Energy Trading Up 7.7%

The firm has a 50-day simple moving average of $3.60 and a 200-day simple moving average of $6.00. The company has a quick ratio of 0.90, a current ratio of 1.30 and a debt-to-equity ratio of 3.50. The stock has a market cap of $723.06 million, a PE ratio of -1.23 and a beta of 2.48.

T1 Energy (NYSE:TE) last released its quarterly earnings data on Wednesday, August 12th. The utilities provider reported ($0.09) EPS 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 net margin of 38.49% and a negative return on equity of 149.67%. Equities analysts forecast that T1 Energy Inc will post -0.32 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TE. Renaissance Technologies LLC raised its stake in T1 Energy by 232.2% in the first quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock valued at $52,058,000 after purchasing an additional 8,289,050 shares in the last quarter. Situational Awareness LP purchased a new position in T1 Energy in the 1st quarter worth approximately $43,900,000. Electron Capital Partners LLC grew its stake in T1 Energy by 69.4% in the 1st quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider’s stock worth $26,031,000 after buying an additional 2,429,564 shares in the last quarter. Squarepoint Ops LLC grew its stake in T1 Energy by 35.2% in the 2nd quarter. Squarepoint Ops LLC now owns 1,429,027 shares of the utilities provider’s stock worth $13,547,000 after buying an additional 371,874 shares in the last quarter. Finally, CenterBook Partners LP bought a new position in shares of T1 Energy in the 3rd quarter worth $4,526,000. Institutional investors own 52.31% of the company’s stock.

T1 Energy Company Profile

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.