CenterBook Partners LP Makes New $4.53 Million Investment in T1 Energy Inc $TE

CenterBook Partners LP bought a new position in shares of T1 Energy Inc (NYSE:TE) during the third quarter, HoldingsChannel reports. The institutional investor bought 1,172,531 shares of the utilities provider’s stock, valued at approximately $4,526,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Integrity Advisory Solutions LLC purchased a new position in shares of T1 Energy in the third quarter valued at $40,000. Fifth Third Wealth Advisors LLC purchased a new stake in T1 Energy during the 3rd quarter worth $69,000. Sterling Capital Management LLC increased its stake in T1 Energy by 993.0% during the 3rd quarter. Sterling Capital Management LLC now owns 6,886 shares of the utilities provider’s stock worth $27,000 after buying an additional 6,256 shares during the period. Inspire Investing LLC lifted its holdings in T1 Energy by 127.9% in the 3rd quarter. Inspire Investing LLC now owns 165,763 shares of the utilities provider’s stock worth $640,000 after buying an additional 93,038 shares in the last quarter. Finally, Insight Advisors LLC PA lifted its holdings in T1 Energy by 23.0% in the 3rd quarter. Insight Advisors LLC PA now owns 73,550 shares of the utilities provider’s stock worth $284,000 after buying an additional 13,750 shares in the last quarter. 52.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TE. JPMorgan Chase & Co. started coverage on shares of T1 Energy in a research report on Monday, September 14th. They issued a “neutral” rating and a $5.00 price objective for the company. Northland Securities set a $9.00 target price on T1 Energy in a research report on Monday, October 5th. Needham & Company LLC dropped their target price on T1 Energy from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. Weiss Ratings upgraded T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 16th. Finally, Vertical Research assumed coverage on T1 Energy in a report on Thursday, September 17th. They issued a “hold” rating and a $5.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, T1 Energy currently has a consensus rating of “Moderate Buy” and an average target price of $7.50.

T1 Energy Stock Performance

T1 Energy stock opened at $2.35 on Friday. T1 Energy Inc has a 52 week low of $2.07 and a 52 week high of $12.49. 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 stock has a market cap of $690.67 million, a P/E ratio of -1.18 and a beta of 2.48. The stock has a 50 day moving average of $3.54 and a 200-day moving average of $5.97.

T1 Energy (NYSE:TE) last issued its quarterly earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The business had revenue of $250.13 million during the quarter. T1 Energy had a negative net margin of 38.49% and a negative return on equity of 149.67%. On average, analysts expect that T1 Energy Inc will post -0.32 EPS for the current fiscal year.

T1 Energy Company Profile

T1 Energy Inc is a U.S.-focused solar technology and manufacturing company working to develop a domestic solar supply chain. The company’s activities include the production and commercialization of solar photovoltaic modules, as well as the development of solar cell and related manufacturing capabilities.

T1 Energy operates through its G1 manufacturing facility in Texas and is developing additional solar manufacturing and energy infrastructure projects. Its products and services are intended to support utility-scale, commercial and residential solar installations in the United States.

The company was formerly known as FREYR Battery, a business established to develop lithium-ion battery manufacturing capacity.