T1 Energy (NYSE:TE) Shares Up 8.2% Following Analyst Upgrade

Shares of T1 Energy Inc (NYSE:TE) shot up 8.2% on Wednesday after Sanford C. Bernstein upgraded the stock to a hold rating. The stock traded as high as $9.46 and last traded at $9.3340. 12,084,813 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 24,407,840 shares. The stock had previously closed at $8.63.

TE has been the topic of several other reports. Wall Street Zen upgraded T1 Energy from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Zacks Research upgraded shares of T1 Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Weiss Ratings restated a “sell (e+)” rating on shares of T1 Energy in a research report on Friday, March 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price objective on shares of T1 Energy in a research note on Tuesday, May 12th. Finally, Northland Securities started coverage on shares of T1 Energy in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.12.

Insider Activity

In related news, major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $8.69, for a total transaction of $112,970,000.00. Following the sale, the insider owned 40,152,664 shares in the company, valued at $348,926,650.16. This represents a 24.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 22.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On T1 Energy

Several institutional investors have recently added to or reduced their stakes in the business. Jennison Associates LLC acquired a new stake in shares of T1 Energy in the 4th quarter valued at about $2,637,000. Kim LLC acquired a new position in T1 Energy during the 4th quarter worth approximately $8,684,000. Vanguard Group Inc. acquired a new position in T1 Energy during the 4th quarter worth approximately $69,894,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in T1 Energy during the 4th quarter worth approximately $1,298,000. Finally, DNB Asset Management AS bought a new position in T1 Energy in the fourth quarter worth approximately $995,000. 52.31% of the stock is owned by institutional investors and hedge funds.

T1 Energy Trading Up 2.8%

The company has a debt-to-equity ratio of 2.05, a current ratio of 1.25 and a quick ratio of 0.98. The firm has a fifty day simple moving average of $7.17 and a 200-day simple moving average of $6.91. The firm has a market cap of $2.60 billion, a P/E ratio of -4.58 and a beta of 2.14.

T1 Energy (NYSE:TE) last released its quarterly earnings data on Wednesday, May 13th. The utilities provider reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.13. T1 Energy had a negative return on equity of 150.51% and a negative net margin of 42.30%.The firm had revenue of $177.65 million during the quarter. During the same quarter in the prior year, the firm earned ($0.11) EPS. On average, equities research analysts expect that T1 Energy Inc will post -0.2 earnings per share for the current year.

T1 Energy Company Profile

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.