Bank of America Corp DE Buys 612,452 Shares of T1 Energy Inc $TE

Key Points

• Bank of America increased its T1 Energy stake by 435.9%, purchasing 612,452 additional shares for a total of 752,961 shares valued at approximately $3.3 million. Institutional investors collectively own 52.31% of the company.
• Analyst sentiment is broadly positive, with T1 Energy holding a consensus “Moderate Buy” rating and an average price target of $9.12, despite targets ranging from $7 to $9.
• T1 Energy reported quarterly revenue of $250.13 million and an adjusted loss of $0.09 per share, beating estimates, but continues to face significant profitability challenges, including a negative net margin of 38.49% and a negative return on equity of 149.67%.

Bank of America Corp DE raised its stake in shares of T1 Energy Inc (NYSE:TE - Free Report) by 435.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 752,961 shares of the utilities provider's stock after purchasing an additional 612,452 shares during the period. Bank of America Corp DE owned 0.27% of T1 Energy worth $3,305,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in TE. Vanguard Group Inc. bought a new stake in shares of T1 Energy in the fourth quarter worth about $69,894,000. Situational Awareness LP purchased a new position in T1 Energy during the 1st quarter valued at approximately $43,900,000. Renaissance Technologies LLC grew its holdings in T1 Energy by 232.2% during 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. Kim LLC bought a new stake in T1 Energy in the 2nd quarter worth approximately $8,816,000. Finally, Southpoint Capital Advisors LP bought a new stake in T1 Energy in the 4th quarter worth approximately $40,080,000. Institutional investors own 52.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TE. Needham & Company LLC lowered their target price on T1 Energy from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, July 28th. Sanford C. Bernstein initiated coverage on shares of T1 Energy in a research report on Tuesday, June 16th. They issued a "market perform" rating and a $9.00 price target on the stock. BTIG Research upped their price target 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of T1 Energy in a research note on Wednesday, July 8th. Finally, Zacks Research upgraded shares of T1 Energy from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $9.12.

T1 Energy Trading Up 0.6%

Shares of NYSE TE opened at $4.82 on Monday. The business's 50 day moving average is $6.15 and its two-hundred day moving average is $6.62. 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 Inc has a 1-year low of $1.59 and a 1-year high of $12.49. The stock has a market capitalization of $1.42 billion, a P/E ratio of -2.43 and a beta of 2.24.

T1 Energy (NYSE:TE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter. As a group, research analysts expect that T1 Energy Inc will post -0.31 EPS for the current year.

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.

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