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

T1 Energy Inc (NYSE:TE) shares gapped down prior to trading on Tuesday . The stock had previously closed at $7.00, but opened at $6.61. T1 Energy shares last traded at $6.2630, with a volume of 17,302,461 shares changing hands.

Wall Street Analysts Forecast Growth

TE has been the topic of a number of recent analyst reports. 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. BTIG Research increased their target price on shares of T1 Energy from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Zacks Research downgraded shares of T1 Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, April 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of T1 Energy in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $8.00.

T1 Energy Stock Down 7.9%

The business has a 50 day moving average of $5.75 and a 200-day moving average of $5.96. The stock has a market cap of $1.80 billion, a PE ratio of -3.17 and a beta of 1.78. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 2.05.

T1 Energy (NYSE:TE) last issued its quarterly earnings data 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 net margin of 42.30% and a negative return on equity of 150.51%. The company had revenue of $177.65 million for the quarter. During the same period in the previous year, the business posted ($0.11) earnings per share. Equities research analysts predict that T1 Energy Inc will post -0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TE. Strs Ohio purchased a new position in shares of T1 Energy in the 1st quarter valued at approximately $26,000. Envestnet Asset Management Inc. purchased a new stake in shares of T1 Energy in the second quarter valued at about $27,000. Geode Capital Management LLC purchased a new stake in shares of T1 Energy in the second quarter valued at about $3,296,000. Cetera Investment Advisers purchased a new stake in shares of T1 Energy in the second quarter valued at about $162,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of T1 Energy in the second quarter valued at about $71,000. 52.31% of the stock is currently 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.