T1 Energy (NYSE:TE) Shares Gap Down Following Analyst Downgrade

T1 Energy Inc (NYSE:TE) shares gapped down before the market opened on Tuesday after Needham & Company LLC lowered their price target on the stock from $8.00 to $7.00. The stock had previously closed at $4.90, but opened at $4.35. Needham & Company LLC currently has a buy rating on the stock. T1 Energy shares last traded at $3.7550, with a volume of 9,721,645 shares trading hands.

TE has been the topic of a number of other reports. Sanford C. Bernstein assumed coverage on T1 Energy in a research note on Tuesday, June 16th. They set a “market perform” rating and a $9.00 price target on the stock. Zacks Research upgraded T1 Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of T1 Energy in a research report on Wednesday, July 8th. Northland Securities assumed coverage on shares of T1 Energy in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 price target on the stock. Finally, Wall Street Zen cut shares of T1 Energy from a “hold” rating to a “sell” rating in a report on Sunday, June 21st. One equities 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, T1 Energy currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Insider Buying and Selling at T1 Energy

In other news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of T1 Energy stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $8.14, for a total transaction of $77,330,000.00. Following the completion of the sale, the insider directly owned 30,652,664 shares of the company’s stock, valued at approximately $249,512,684.96. The trade was a 23.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 22.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TE. Renaissance Technologies LLC raised its position in shares of T1 Energy by 232.2% during the 1st quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock worth $52,058,000 after acquiring an additional 8,289,050 shares in the last quarter. Vanguard Group Inc. purchased a new stake in T1 Energy during the fourth quarter worth approximately $69,894,000. Situational Awareness LP acquired a new position in T1 Energy in the first quarter valued at approximately $43,900,000. Kim LLC acquired a new position in T1 Energy in the second quarter valued at approximately $8,816,000. Finally, Southpoint Capital Advisors LP purchased a new position in T1 Energy in the fourth quarter valued at approximately $40,080,000. 52.31% of the stock is owned by institutional investors and hedge funds.

T1 Energy Price Performance

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 company’s 50 day simple moving average is $8.20 and its 200 day simple moving average is $7.12. The company has a market capitalization of $1.04 billion, a PE ratio of -1.83 and a beta of 2.16.

T1 Energy (NYSE:TE) last issued its earnings results on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.13. The business had revenue of $177.65 million during the quarter. T1 Energy had a negative net margin of 42.30% and a negative return on equity of 150.51%. During the same quarter in the previous year, the company posted ($0.11) EPS. As a group, sell-side analysts predict 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.