T1 Energy (NYSE:TE) Stock Jumps 5.5% – Here’s What Happened

Shares of T1 Energy Inc (NYSE:TE) were up 5.5% on Tuesday. The stock traded as high as $3.78 and last traded at $3.7650. 5,796,703 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 26,927,582 shares. The stock had previously closed at $3.57.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Sanford C. Bernstein started coverage on T1 Energy in a research report on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 target price on the stock. BTIG Research upped their price objective on T1 Energy from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. JPMorgan Chase & Co. initiated coverage on shares of T1 Energy in a report on Monday, September 14th. They issued a “neutral” rating and a $5.00 price target on the stock. Northland Securities began coverage on T1 Energy in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of T1 Energy in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.30.

T1 Energy Price Performance

The firm has a 50-day simple moving average of $4.69 and a 200-day simple moving average of $6.27. The company has a current ratio of 1.30, a quick ratio of 0.90 and a debt-to-equity ratio of 3.50. The firm has a market cap of $1.11 billion, a P/E ratio of -1.91 and a beta of 2.25.

T1 Energy (NYSE:TE) last issued its quarterly earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%.The business had revenue of $250.13 million for the quarter. As a group, analysts forecast that T1 Energy Inc will post -0.31 EPS for the current year.

Institutional Investors Weigh In On T1 Energy

Several institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its holdings in shares of T1 Energy by 232.2% during the first quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock valued at $52,058,000 after acquiring an additional 8,289,050 shares in the last quarter. Situational Awareness LP acquired a new stake in T1 Energy in the 1st quarter worth approximately $43,900,000. Electron Capital Partners LLC grew its position in T1 Energy by 69.4% during the 1st quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider’s stock worth $26,031,000 after purchasing an additional 2,429,564 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in T1 Energy during the 4th quarter worth approximately $9,752,000. Finally, Squarepoint Ops LLC increased its stake in T1 Energy by 35.2% during the 2nd quarter. Squarepoint Ops LLC now owns 1,429,027 shares of the utilities provider’s stock valued at $13,547,000 after purchasing an additional 371,874 shares in the last quarter. Institutional investors and hedge funds own 52.31% of the company’s stock.

T1 Energy Company Profile

T1 Energy Inc (NYSE: TE) is a U.S.-focused solar energy company developing domestic manufacturing and supply-chain capabilities for the photovoltaic industry. Its business centers on producing solar modules and supporting the deployment of utility-scale and other solar power projects.

The company’s operations are anchored by a solar module manufacturing facility in Texas, which it acquired as part of its transition into the solar industry. T1 Energy is focused on expanding U.S.-based production and serving the North American market as demand grows for domestically manufactured solar equipment.

T1 Energy was formerly known as FREYR Battery, a company established to develop battery-cell manufacturing operations.