Bornite Capital Management LP Invests $8.35 Million in T1 Energy Inc $TE

Bornite Capital Management LP acquired a new position in shares of T1 Energy Inc (NYSE:TE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,250,000 shares of the utilities provider’s stock, valued at approximately $8,350,000. T1 Energy comprises about 0.8% of Bornite Capital Management LP’s portfolio, making the stock its 26th biggest position.

Several other large investors also recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC bought a new stake in T1 Energy during the fourth quarter worth approximately $117,000. The Manufacturers Life Insurance Company bought a new stake in T1 Energy during the fourth quarter worth approximately $276,000. Stifel Financial Corp bought a new stake in T1 Energy during the fourth quarter worth approximately $97,000. FirstWave Capital Management LLC bought a new stake in T1 Energy during the fourth quarter worth approximately $1,738,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in T1 Energy during the fourth quarter worth approximately $2,731,000. 52.31% of the stock is owned by institutional investors.

Insider Transactions at T1 Energy

In related news, major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $8.69, for a total value of $112,970,000.00. Following the transaction, the insider owned 40,152,664 shares of the company’s stock, valued at $348,926,650.16. This represents a 24.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 22.44% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Northland Securities assumed coverage on T1 Energy in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 price objective on the stock. BTIG Research boosted their price objective on T1 Energy from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Wall Street Zen raised T1 Energy from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reissued a “sell (e+)” rating on shares of T1 Energy in a research note on Friday, March 27th. Finally, Zacks Research raised T1 Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $9.14.

T1 Energy Stock Up 0.3%

Shares of NYSE:TE opened at $8.50 on Friday. T1 Energy Inc has a 52-week low of $1.15 and a 52-week high of $12.49. The stock has a market cap of $2.37 billion, a P/E ratio of -4.18 and a beta of 2.14. The business’s 50 day moving average is $6.78 and its 200 day moving average is $6.73. 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 announced 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 return on equity of 150.51% and a negative net margin of 42.30%.The company had revenue of $177.65 million for the quarter. During the same period last year, the company earned ($0.11) EPS. Sell-side analysts predict that T1 Energy Inc will post -0.2 EPS for the current year.

T1 Energy Profile

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.