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

Shares of T1 Energy Inc (NYSE:TE) gapped up before the market opened on Monday . The stock had previously closed at $4.17, but opened at $4.46. T1 Energy shares last traded at $4.3510, with a volume of 6,075,225 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Zacks Research upgraded T1 Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. Needham & Company LLC lowered their price target on shares of T1 Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Wall Street Zen cut shares of T1 Energy from a “hold” rating to a “sell” rating in a report on Sunday, June 21st. BTIG Research upped their price objective on shares of T1 Energy from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Sanford C. Bernstein began coverage on shares of T1 Energy in a research report on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

T1 Energy Stock Up 13.5%

The stock has a market cap of $1.32 billion, a price-to-earnings ratio of -2.35 and a beta of 2.16. The business’s 50 day moving average is $8.04 and its 200-day moving average is $7.08. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.98 and a current ratio of 1.25.

T1 Energy (NYSE:TE) last posted its quarterly earnings data on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.13. The business 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 period in the previous year, the business earned ($0.11) earnings per share. On average, sell-side analysts predict that T1 Energy Inc will post -0.2 EPS for the current fiscal year.

Insider Transactions at T1 Energy

In other T1 Energy news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $8.14, for a total transaction of $77,330,000.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TE. Vanguard Group Inc. purchased a new position in T1 Energy in the 4th quarter valued at $69,894,000. Situational Awareness LP acquired a new stake in shares of T1 Energy in the first quarter valued at about $43,900,000. Renaissance Technologies LLC lifted 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 worth $52,058,000 after buying an additional 8,289,050 shares in the last quarter. Kim LLC acquired a new position in T1 Energy during the second quarter worth about $8,816,000. Finally, Southpoint Capital Advisors LP acquired a new stake in T1 Energy in the 4th quarter valued at about $40,080,000. 52.31% of the stock is owned by institutional investors and hedge funds.

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.