T1 Energy (NYSE:TE) Stock Price Target Cut by BTIG Research

Key Points

• BTIG Research cut its T1 Energy price target to $7 from $9 but maintained a Buy rating; the new target implies 237.35% upside from the prior close.
• Analyst sentiment is Moderate Buy overall, with a consensus price target of $7.30; ratings include five Buys, four Holds, one Strong Buy and one Sell.
• T1 Energy shares fell 2.6% to $2.08 on Thursday. The company reported a quarterly loss of $0.14 per share, missing analyst expectations of a $0.12 loss.

T1 Energy (NYSE:TE - Get Free Report) had its price target decreased by research analysts at BTIG Research from $9.00 to $7.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the utilities provider's stock. BTIG Research's price objective points to a potential upside of 237.35% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Needham & Company LLC lowered their price target on shares of T1 Energy from $7.00 to $6.00 and set a "buy" rating for the company in a report on Friday, October 23rd. 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 for the company. JPMorgan Chase & Co. started 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. Northland Securities set a $9.00 target price on shares of T1 Energy in a report on Monday, October 5th. Finally, Weiss Ratings raised shares of T1 Energy from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.30.

T1 Energy Trading Down 2.6%

Shares of TE stock traded down $0.06 on Thursday, hitting $2.08. The company had a trading volume of 27,999,218 shares, compared to its average volume of 26,003,281. The firm has a market cap of $611.14 million, a P/E ratio of -1.05 and a beta of 2.48. The stock's 50-day moving average is $3.40 and its two-hundred day moving average is $5.88. The company has a debt-to-equity ratio of 3.50, a quick ratio of 0.90 and a current ratio of 1.30. T1 Energy has a twelve month low of $1.68 and a twelve month high of $12.49.

T1 Energy (NYSE:TE - Get Free Report) last issued its quarterly earnings data on Thursday, November 12th. The utilities provider reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). The company 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%. On average, equities research analysts anticipate that T1 Energy will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On T1 Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC increased its stake in shares of 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 acquiring an additional 8,289,050 shares in the last quarter. Situational Awareness LP acquired a new stake in T1 Energy in the first quarter worth $43,900,000. Electron Capital Partners LLC increased its stake in T1 Energy by 69.4% in the first 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 increased its stake in T1 Energy by 35.2% in the second quarter. Squarepoint Ops LLC now owns 1,429,027 shares of the utilities provider's stock valued at $13,547,000 after purchasing an additional 371,874 shares in the last quarter. Finally, CenterBook Partners LP acquired a new position in shares of T1 Energy during the third quarter valued at about $4,526,000. 52.31% of the stock is currently owned by institutional investors.

T1 Energy Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.