Bank of New York Mellon Corp Purchases New Position in T1 Energy Inc $TE

Key Points

• Bank of New York Mellon acquired 819,441 shares of T1 Energy in the second quarter, valued at approximately $7.8 million and representing a 0.29% stake. Institutional investors collectively own 52.31% of the company.
• Analyst sentiment is moderately bullish, with an average rating of “Moderate Buy” and an average price target of $9.12, although ratings range from Strong Buy to Sell.
• T1 Energy shares opened at $4.52, well below their 12-month high of $12.49. The company reported quarterly revenue of $250.13 million and an adjusted loss of $0.09 per share, beating estimates.

Bank of New York Mellon Corp purchased a new position in T1 Energy Inc (NYSE:TE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 819,441 shares of the utilities provider's stock, valued at approximately $7,768,000. Bank of New York Mellon Corp owned 0.29% of T1 Energy at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in TE. Strs Ohio bought a new position in T1 Energy in the 4th quarter valued at $32,000. Russell Investments Group Ltd. bought a new position in shares of T1 Energy in the fourth quarter worth $63,000. Bryn Mawr Trust Advisors LLC purchased a new stake in shares of T1 Energy in the fourth quarter worth $67,000. Blackhawk Capital Partners LLC purchased a new stake in shares of T1 Energy in the first quarter worth $44,000. Finally, Xponance LLC bought a new stake in T1 Energy during the fourth quarter valued at $69,000. 52.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TE shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of T1 Energy in a research report on Wednesday, July 8th. Northland Securities started coverage on shares of T1 Energy in a report on Wednesday, June 3rd. They issued an "outperform" rating and a $16.00 price target on the stock. Zacks Research upgraded shares of T1 Energy from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 20th. Sanford C. Bernstein initiated coverage on shares of T1 Energy in a research report on Tuesday, June 16th. They set a "market perform" rating and a $9.00 price objective on the stock. Finally, Needham & Company LLC dropped their price objective on shares of T1 Energy from $8.00 to $7.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $9.12.

T1 Energy Price Performance

TE stock opened at $4.52 on Friday. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -2.28 and a beta of 2.25. The firm's 50-day moving average price is $5.77 and its two-hundred day moving average price is $6.56. The company has a current ratio of 1.30, a quick ratio of 0.90 and a debt-to-equity ratio of 3.50. T1 Energy Inc has a 12-month low of $1.70 and a 12-month high of $12.49.

T1 Energy (NYSE:TE - Get Free Report) last posted 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 firm had revenue of $250.13 million for the quarter. As a group, equities analysts predict that T1 Energy Inc will post -0.31 earnings per share 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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