Factorial Energy (NASDAQ:FAC) Shares Gap Up Following Strong Earnings

Shares of Factorial Energy (NASDAQ:FAC) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $4.26, but opened at $4.63. Factorial Energy shares last traded at $4.6950, with a volume of 146,110 shares traded.

The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.17. The company had revenue of $0.03 million for the quarter.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FAC. Wall Street Zen downgraded shares of Factorial Energy from a “sell” rating to a “strong sell” rating in a report on Sunday, August 16th. Weiss Ratings upgraded shares of Factorial Energy from a “sell (e)” rating to a “sell (d)” rating in a research note on Friday, September 25th. Oppenheimer assumed coverage on shares of Factorial Energy in a report on Tuesday, August 25th. They set an “outperform” rating and a $8.00 price target for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $18.00 price objective on shares of Factorial Energy in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Factorial Energy presently has a consensus rating of “Hold” and a consensus target price of $13.00.

Factorial Energy Stock Up 8.2%

The company has a market capitalization of $493.36 million, a price-to-earnings ratio of -6.98 and a beta of 1.17. The company has a 50 day simple moving average of $5.12.

Factorial Energy Company Profile

Factorial Energy is a U.S.-based battery technology company founded in 2013 and headquartered in Woburn, Massachusetts. It develops solid-state lithium-metal batteries for electric vehicles and other applications, with a focus on improving energy storage, safety and charging performance. The company’s proprietary FEST (Factorial Electrolyte System Technology) platform uses a solid electrolyte and is designed to work with existing lithium-ion manufacturing processes. Factorial has collaborated with automakers including Mercedes-Benz, Stellantis and Hyundai Motor Company on the development and evaluation of its battery technology.