T1 Energy (NYSE:TE) Announces Earnings Results

T1 Energy (NYSE:TE) announced its earnings results on Thursday. The utilities provider reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02), RTT News reports. The business had revenue of $196.59 million for the quarter. T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%.

T1 Energy Trading Down 7.7%

TE stock traded down $0.17 during trading on Thursday, hitting $1.97. The company had a trading volume of 42,217,281 shares, compared to its average volume of 26,079,561. The firm has a 50-day moving average price of $3.40 and a 200-day moving average price of $5.88. T1 Energy has a 12 month low of $1.68 and a 12 month high of $12.49. The company has a quick ratio of 0.90, a current ratio of 1.30 and a debt-to-equity ratio of 3.50. The stock has a market cap of $578.75 million, a price-to-earnings ratio of -0.99 and a beta of 2.48.

Wall Street Analysts Forecast Growth

TE has been the subject of a number of research analyst reports. Vertical Research initiated 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. JPMorgan Chase & Co. began coverage on shares of T1 Energy in a research report on Monday, September 14th. They set a “neutral” rating and a $5.00 price target on the stock. Wall Street Zen lowered shares of T1 Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, August 22nd. Weiss Ratings raised shares of T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 16th. Finally, BTIG Research lowered their price objective on shares of T1 Energy from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday. One research 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.30.

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.