T1 Energy (NYSE:TE) Shares Gap Up – Here’s What Happened

T1 Energy Inc (NYSE:TE)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $4.32, but opened at $4.51. T1 Energy shares last traded at $4.5550, with a volume of 2,298,730 shares trading hands.

Wall Street Analyst Weigh In

TE has been the topic of several analyst reports. Northland Securities initiated coverage on shares of T1 Energy in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $16.00 target price on the stock. Zacks Research raised shares of T1 Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. Sanford C. Bernstein assumed coverage on shares of T1 Energy in a report on Tuesday, June 16th. They issued a “market perform” rating and a $9.00 price target on the stock. Needham & Company LLC decreased their price objective on shares of T1 Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Finally, BTIG Research upped their price objective on shares of T1 Energy from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.12.

T1 Energy Trading Down 2.4%

The company has a market capitalization of $1.34 billion, a P/E ratio of -2.29 and a beta of 2.23. 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 stock’s 50 day moving average is $6.33 and its 200-day moving average is $6.67.

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 the consensus estimate of ($0.13) by $0.04. The company had revenue of $250.13 million for the quarter. T1 Energy had a negative return on equity of 149.67% and a negative net margin of 38.49%. As a group, equities research analysts anticipate that T1 Energy Inc will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On T1 Energy

Several hedge funds have recently added to or reduced their stakes in TE. Strs Ohio purchased a new position in T1 Energy in the first quarter worth about $26,000. Envestnet Asset Management Inc. purchased a new stake in shares of T1 Energy during the second quarter valued at $27,000. Geode Capital Management LLC purchased a new stake in shares of T1 Energy during the second quarter valued at $3,296,000. Cetera Investment Advisers bought a new stake in T1 Energy in the 2nd quarter worth about $162,000. Finally, JPMorgan Chase & Co. bought a new stake in T1 Energy in the 2nd quarter worth about $71,000. 52.31% of the stock is owned by institutional investors.

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.