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

T1 Energy Inc (NYSE:TE)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $5.62, but opened at $4.32. T1 Energy shares last traded at $4.5190, with a volume of 9,255,207 shares.

The utilities provider reported ($0.87) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.90). T1 Energy had a negative return on equity of 121.17% and a negative net margin of 133.07%.The company had revenue of $358.55 million for the quarter. During the same period last year, the firm earned ($2.59) earnings per share.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Alliance Global Partners reiterated a “buy” rating on shares of T1 Energy in a research report on Tuesday, December 30th. Weiss Ratings restated a “sell (e+)” rating on shares of T1 Energy in a report on Friday, March 27th. Needham & Company LLC reaffirmed a “buy” rating on shares of T1 Energy in a research note on Thursday, December 11th. iA Financial set a $8.50 price target on shares of T1 Energy in a report on Tuesday, December 9th. Finally, Roth Mkm reissued a “buy” rating on shares of T1 Energy in a research report on Tuesday, December 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.50.

Institutional Investors Weigh In On T1 Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Encompass Capital Advisors LLC acquired a new position in T1 Energy in the second quarter valued at $16,560,000. Vanguard Group Inc. acquired a new stake in T1 Energy in the 4th quarter worth about $69,894,000. Kim LLC purchased a new stake in T1 Energy in the 2nd quarter valued at about $8,816,000. Southpoint Capital Advisors LP purchased a new stake in T1 Energy in the 4th quarter valued at about $40,080,000. Finally, State Street Corp acquired a new position in shares of T1 Energy during the 4th quarter valued at about $34,386,000. Hedge funds and other institutional investors own 52.31% of the company’s stock.

T1 Energy Stock Performance

The company has a market cap of $952.48 million, a price-to-earnings ratio of -2.18 and a beta of 1.82. The company has a current ratio of 1.13, a quick ratio of 0.72 and a debt-to-equity ratio of 5.87. The stock’s 50 day moving average price is $7.16 and its 200 day moving average price is $5.48.

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.