T1 Energy (NYSE:TE) Announces Quarterly Earnings Results, Beats Expectations By $0.13 EPS

T1 Energy (NYSE:TE) issued its quarterly earnings data on Wednesday. The utilities provider reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.13, RTT News reports. The firm had revenue of $177.65 million for the quarter. T1 Energy had a negative net margin of 42.30% and a negative return on equity of 150.51%. During the same quarter in the prior year, the business earned ($0.11) earnings per share.

T1 Energy Price Performance

Shares of TE stock traded down $0.05 during midday trading on Friday, reaching $5.69. 17,096,367 shares of the company were exchanged, compared to its average volume of 18,415,668. T1 Energy has a 12 month low of $0.96 and a 12 month high of $9.78. The company has a market cap of $1.59 billion, a P/E ratio of -2.80 and a beta of 1.78. The company’s 50 day moving average price is $5.77 and its two-hundred day moving average price is $5.92. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.18 and a current ratio of 1.25.

Institutional Trading of T1 Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new stake in shares of T1 Energy during the 1st quarter worth about $26,000. Envestnet Asset Management Inc. bought a new stake in shares of T1 Energy during the 2nd quarter worth about $27,000. Bank of America Corp DE bought a new stake in shares of T1 Energy during the 2nd quarter worth about $49,000. XTX Topco Ltd bought a new stake in shares of T1 Energy during the 2nd quarter worth about $50,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of T1 Energy during the 2nd quarter worth about $50,000. 52.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TE. Weiss Ratings reiterated a “sell (e+)” rating on shares of T1 Energy in a research report on Friday, March 27th. Zacks Research downgraded shares of T1 Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, April 3rd. BTIG Research lifted their price objective on shares of T1 Energy from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price objective on shares of T1 Energy in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, T1 Energy presently has a consensus rating of “Moderate Buy” and an average price target of $8.00.

About T1 Energy

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.