T1 Energy (NYSE:TE) Trading Down 10.5% – Here’s What Happened

T1 Energy Inc (NYSE:TE)’s share price fell 10.5% during trading on Tuesday . The company traded as low as $9.23 and last traded at $9.31. 25,362,715 shares were traded during mid-day trading, an increase of 0% from the average daily volume of 25,280,578 shares. The stock had previously closed at $10.40.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TE. Northland Securities assumed coverage on shares of T1 Energy in a report on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price target on shares of T1 Energy in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of T1 Energy in a research report on Friday, March 27th. Zacks Research raised shares of T1 Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Finally, Sanford C. Bernstein initiated coverage on T1 Energy in a research note on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.12.

T1 Energy Price Performance

The company has a market capitalization of $2.60 billion, a P/E ratio of -4.59 and a beta of 2.13. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 2.05. The business has a 50 day simple moving average of $7.40 and a 200-day simple moving average of $6.99.

T1 Energy (NYSE:TE) last released its quarterly earnings results on Wednesday, May 13th. The utilities provider reported ($0.08) 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 business had revenue of $177.65 million during the quarter. During the same quarter in the prior year, the company posted ($0.11) EPS. Analysts predict that T1 Energy Inc will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other T1 Energy news, major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $8.69, for a total value of $112,970,000.00. Following the sale, the insider owned 40,152,664 shares in the company, valued at approximately $348,926,650.16. This trade 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 can be accessed through this link. Company insiders own 22.44% of the company’s stock.

Hedge Funds Weigh In On T1 Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TE. Strs Ohio bought a new stake in T1 Energy during the 1st quarter valued at $26,000. Envestnet Asset Management Inc. bought a new position in shares of T1 Energy in the second quarter worth $27,000. NBC Securities Inc. acquired a new position in shares of T1 Energy during the fourth quarter valued at $28,000. First PREMIER Bank bought a new stake in shares of T1 Energy during the fourth quarter valued at about $30,000. Finally, Blackhawk Capital Partners LLC bought a new stake in shares of T1 Energy during the first quarter valued at about $44,000. 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.