BTIG Research Issues Pessimistic Forecast for T1 Energy (NYSE:TE) Stock Price

T1 Energy (NYSE:TE) had its target price dropped by investment analysts at BTIG Research from $9.00 to $7.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the utilities provider’s stock. BTIG Research‘s target price points to a potential upside of 237.35% from the company’s current price.

A number of other analysts have also commented on TE. Weiss Ratings upgraded shares of T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 16th. JPMorgan Chase & Co. assumed coverage on shares of T1 Energy in a research note on Monday, September 14th. They issued a “neutral” rating and a $5.00 price objective on the stock. Northland Securities set a $9.00 price objective on shares of T1 Energy in a report on Monday, October 5th. Needham & Company LLC decreased their target price on shares of T1 Energy from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Finally, Wall Street Zen lowered shares of T1 Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, August 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.30.

T1 Energy Stock Down 2.6%

Shares of NYSE TE traded down $0.06 during midday trading on Thursday, hitting $2.08. 27,999,218 shares of the stock traded hands, compared to its average volume of 26,003,281. The company has a market cap of $611.14 million, a PE ratio of -1.05 and a beta of 2.48. T1 Energy has a one year low of $1.68 and a one year high of $12.49. The business has a 50 day moving average price of $3.40 and a two-hundred day moving average price of $5.88. The company has a debt-to-equity ratio of 3.50, a quick ratio of 0.90 and a current ratio of 1.30.

T1 Energy (NYSE:TE) last issued its earnings results on Thursday, November 12th. The utilities provider reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%. The firm had revenue of $196.59 million for the quarter. On average, equities analysts predict that T1 Energy will post -0.32 EPS for the current year.

Institutional Investors Weigh In On T1 Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its position in T1 Energy by 232.2% in the 1st quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock valued at $52,058,000 after buying an additional 8,289,050 shares during the last quarter. Situational Awareness LP purchased a new position in T1 Energy during the 1st quarter worth $43,900,000. Electron Capital Partners LLC grew its stake in shares of T1 Energy by 69.4% in the 1st quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider’s stock worth $26,031,000 after acquiring an additional 2,429,564 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of T1 Energy by 35.2% in the 2nd quarter. Squarepoint Ops LLC now owns 1,429,027 shares of the utilities provider’s stock worth $13,547,000 after acquiring an additional 371,874 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of T1 Energy in the second quarter valued at about $7,768,000. 52.31% of the stock is owned by hedge funds and other institutional investors.

About T1 Energy

T1 Energy, formerly known as FREYR Battery, is a U.S.-focused solar manufacturing company. After initially pursuing battery production, the company shifted its strategy toward building a domestic solar supply chain. The company is developing solar manufacturing operations in Texas, including facilities intended to produce solar cells and modules. Its products are designed to serve the solar energy market, supporting the deployment of photovoltaic systems. T1 Energy’s strategy centers on expanding U.S.-based solar manufacturing and serving customers seeking domestically produced solar products.