T1 Energy (NYSE:TE) Shares Gap Down After Earnings Miss

Shares of T1 Energy Inc (NYSE:TE) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.13, but opened at $1.84. T1 Energy shares last traded at $1.8380, with a volume of 11,815,859 shares changing hands.

The utilities provider reported ($0.14) EPS 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 business had revenue of $196.59 million for the quarter.

Analyst Ratings Changes

Several research analysts recently issued reports on TE shares. Needham & Company LLC lowered their target price on T1 Energy from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. BTIG Research upped their price target on T1 Energy from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Weiss Ratings raised T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 16th. Northland Securities set a $9.00 price objective on T1 Energy in a research report on Monday, October 5th. Finally, JPMorgan Chase & Co. began coverage on T1 Energy in a research report on Monday, September 14th. They set a “neutral” rating and a $5.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, T1 Energy currently has an average rating of “Moderate Buy” and an average price target of $7.50.

Institutional Trading of T1 Energy

A number of institutional investors have recently bought and sold shares of the company. Sterling Capital Management LLC raised its position in shares of T1 Energy by 993.0% in the 3rd quarter. Sterling Capital Management LLC now owns 6,886 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 6,256 shares in the last quarter. Blackhawk Capital Partners LLC acquired a new position in T1 Energy in the first quarter valued at approximately $44,000. SteelPeak Wealth LLC acquired a new position in T1 Energy in the first quarter valued at approximately $46,000. Integrity Advisory Solutions LLC bought a new position in shares of T1 Energy during the 3rd quarter worth approximately $40,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of T1 Energy during the 3rd quarter worth approximately $46,000. Institutional investors own 52.31% of the company’s stock.

T1 Energy Trading Down 10.6%

The company has a market cap of $560.78 million, a price-to-earnings ratio of -0.96 and a beta of 2.48. 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’s 50-day moving average price is $3.40 and its 200 day moving average price is $5.88.

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.