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

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

Analyst Ratings Changes

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

T1 Energy Stock Up 2.0%

The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -2.82 and a beta of 1.78. The firm has a 50 day simple moving average of $5.77 and a 200-day simple moving average of $5.92. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.25 and a quick ratio of 1.18.

T1 Energy (NYSE:TE) last issued its earnings results 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 company had revenue of $177.65 million for the quarter. T1 Energy had a negative net margin of 42.30% and a negative return on equity of 150.51%. During the same quarter in the prior year, the firm posted ($0.11) EPS. On average, sell-side analysts forecast that T1 Energy Inc will post -0.47 EPS for the current fiscal year.

Institutional Trading of T1 Energy

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in shares of 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 acquiring an additional 8,289,050 shares during the last quarter. Vanguard Group Inc. acquired a new stake in T1 Energy during the 4th quarter valued at $69,894,000. Kim LLC bought a new position in T1 Energy in the 2nd quarter valued at $8,816,000. Southpoint Capital Advisors LP bought a new position in T1 Energy in the 4th quarter valued at $40,080,000. Finally, State Street Corp acquired a new position in T1 Energy in the fourth quarter worth $34,386,000. 52.31% of the stock is owned by 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.