T1 Energy (NYSE:TE) Stock Gets Price Target Reduction from Needham & Company LLC

Key Points

• Needham & Company lowered T1 Energy’s price target from $7.00 to $6.00 while maintaining a “buy” rating, implying roughly 160% upside from the prior close.
• Analyst sentiment remains mixed but leans positive: T1 Energy has a consensus “Moderate Buy” rating and an average price target of $7.50, though other firms have issued neutral, hold, sell and strong-sell ratings.
• T1 Energy shares opened at $2.31 and are near their 52-week low of $2.25. The company reported quarterly revenue of $250.13 million and an adjusted loss of $0.09 per share, while institutional investors own 52.31% of the stock.

T1 Energy (NYSE:TE - Get Free Report) had its price objective reduced by stock analysts at Needham & Company LLC from $7.00 to $6.00 in a report released on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the utilities provider's stock. Needham & Company LLC's target price suggests a potential upside of 160.30% from the stock's previous close.

Other equities research analysts have also issued reports about the stock. Weiss Ratings upgraded shares of T1 Energy from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 16th. JPMorgan Chase & Co. initiated coverage on shares of T1 Energy in a report on Monday, September 14th. They issued a "neutral" rating and a $5.00 price target on the stock. Vertical Research started coverage on shares of T1 Energy in a research report on Thursday, September 17th. They set a "hold" rating and a $5.00 price objective on the stock. Wall Street Zen lowered shares of T1 Energy from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 22nd. Finally, BTIG Research increased their target price on T1 Energy from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $7.50.

T1 Energy Trading Down 3.2%

NYSE:TE opened at $2.31 on Friday. T1 Energy has a 52-week low of $2.25 and a 52-week high of $12.49. The stock has a fifty day moving average of $4.01 and a 200 day moving average of $5.86. The company has a debt-to-equity ratio of 3.50, a current ratio of 1.30 and a quick ratio of 0.90.

T1 Energy (NYSE:TE - Get Free Report) last announced its earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share for the quarter, topping 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 business had revenue of $250.13 million for the quarter. On average, equities analysts forecast that T1 Energy will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On T1 Energy

Hedge funds have recently made changes to their positions in the business. Fifth Third Wealth Advisors LLC purchased a new position in T1 Energy in the 3rd quarter worth $69,000. Sterling Capital Management LLC lifted its stake in shares of T1 Energy by 993.0% in the 3rd quarter. Sterling Capital Management LLC now owns 6,886 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 6,256 shares during the last quarter. Inspire Investing LLC boosted its holdings in T1 Energy by 127.9% during the 3rd quarter. Inspire Investing LLC now owns 165,763 shares of the utilities provider's stock valued at $640,000 after acquiring an additional 93,038 shares during the period. Insight Advisors LLC PA boosted its holdings in T1 Energy by 23.0% during the 3rd quarter. Insight Advisors LLC PA now owns 73,550 shares of the utilities provider's stock valued at $284,000 after acquiring an additional 13,750 shares during the period. Finally, SLT Holdings LLC bought a new position in T1 Energy during the 3rd quarter worth approximately $237,000. 52.31% of the stock is currently owned by institutional investors.

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.

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