Engineers Gate Manager LP Has $2.01 Million Holdings in T1 Energy Inc $TE

Engineers Gate Manager LP lessened its position in shares of T1 Energy Inc (NYSE:TE) by 77.2% in the second quarter, Holdings Channel.com reports. The firm owned 212,176 shares of the utilities provider’s stock after selling 718,066 shares during the period. Engineers Gate Manager LP’s holdings in T1 Energy were worth $2,011,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Situational Awareness LP bought a new stake in shares of T1 Energy in the first quarter valued at about $43,900,000. Renaissance Technologies LLC grew its holdings in shares of T1 Energy by 232.2% during the first quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock worth $52,058,000 after buying an additional 8,289,050 shares in the last quarter. Electron Capital Partners LLC bought a new position in shares of T1 Energy during the fourth quarter worth about $23,380,000. BNP Paribas Financial Markets bought a new position in shares of T1 Energy during the fourth quarter worth about $9,752,000. Finally, Bornite Capital Management LP acquired a new stake in T1 Energy in the 4th quarter valued at approximately $8,350,000. Institutional investors and hedge funds own 52.31% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Sanford C. Bernstein started coverage on T1 Energy in a research note on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 target price on the stock. BTIG Research raised their price target on shares of T1 Energy from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Needham & Company LLC lowered their price objective on shares of T1 Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Wall Street Zen lowered shares of T1 Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. Finally, JPMorgan Chase & Co. initiated coverage on shares of T1 Energy in a report on Monday. They set a “neutral” rating and a $5.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, T1 Energy presently has an average rating of “Moderate Buy” and a consensus price target of $8.67.

T1 Energy Price Performance

Shares of NYSE TE opened at $4.29 on Wednesday. The company has a debt-to-equity ratio of 3.50, a current ratio of 1.30 and a quick ratio of 0.90. The business has a 50-day moving average of $5.14 and a 200-day moving average of $6.45. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -2.16 and a beta of 2.25. T1 Energy Inc has a fifty-two week low of $1.70 and a fifty-two week high of $12.49.

T1 Energy (NYSE:TE) last released its earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%.The business had revenue of $250.13 million for the quarter. As a group, sell-side analysts predict that T1 Energy Inc will post -0.31 earnings per share for the current fiscal year.

About T1 Energy

T1 Energy Inc (NYSE: TE) is a U.S.-focused solar energy company developing domestic manufacturing and supply-chain capabilities for the photovoltaic industry. Its business centers on producing solar modules and supporting the deployment of utility-scale and other solar power projects.

The company’s operations are anchored by a solar module manufacturing facility in Texas, which it acquired as part of its transition into the solar industry. T1 Energy is focused on expanding U.S.-based production and serving the North American market as demand grows for domestically manufactured solar equipment.

T1 Energy was formerly known as FREYR Battery, a company established to develop battery-cell manufacturing operations.