T1 Energy (NYSE:TE) Shares Down 9% After Analyst Downgrade

T1 Energy Inc (NYSE:TE)’s share price was down 9% on Monday after Needham & Company LLC lowered their price target on the stock from $7.00 to $6.00. Needham & Company LLC currently has a buy rating on the stock. T1 Energy traded as low as $2.13 and last traded at $2.0850. 1,367,696 shares traded hands during trading, a decline of 95% from the average session volume of 25,959,250 shares. The stock had previously closed at $2.29.

Other equities analysts have also recently issued research reports about the company. Northland Securities set a $9.00 price objective on T1 Energy in a research note on Monday, October 5th. Weiss Ratings upgraded shares of T1 Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 16th. Vertical Research assumed coverage on shares of T1 Energy in a research note on Thursday, September 17th. They set a “hold” rating and a $5.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on shares of T1 Energy in a report on Monday, September 14th. They issued a “neutral” rating and a $5.00 target price on the stock. Finally, BTIG Research lifted 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. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, T1 Energy presently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

Institutional Investors Weigh In On T1 Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC lifted its stake in T1 Energy by 232.2% in the 1st quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock valued at $52,058,000 after buying an additional 8,289,050 shares in the last quarter. Situational Awareness LP acquired a new position in T1 Energy in the 1st quarter worth $43,900,000. Electron Capital Partners LLC grew its stake in T1 Energy by 69.4% during the 1st quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider’s stock valued at $26,031,000 after purchasing an additional 2,429,564 shares in the last quarter. Squarepoint Ops LLC grew its position in shares of T1 Energy by 35.2% in the 2nd quarter. Squarepoint Ops LLC now owns 1,429,027 shares of the utilities provider’s stock worth $13,547,000 after acquiring an additional 371,874 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in T1 Energy during the second quarter worth about $7,768,000. 52.31% of the stock is currently owned by institutional investors and hedge funds.

T1 Energy Price Performance

The business has a 50 day simple moving average of $3.95 and a 200-day simple moving average of $5.85. The company has a market capitalization of $633.53 million, a P/E ratio of -1.07 and a beta of 2.36. The company has a quick ratio of 0.90, a current ratio of 1.30 and a debt-to-equity ratio of 3.50.

T1 Energy (NYSE:TE) last released its quarterly earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $250.13 million for the quarter. Analysts predict that T1 Energy Inc will post -0.34 EPS for the current fiscal year.

About T1 Energy

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.