CenterBook Partners LP Makes New Investment in T1 Energy Inc $TE

Key Points

• CenterBook Partners opened a new T1 Energy position, buying 1,172,531 shares worth about $4.5 million, or 0.40% of the company. Institutional investors and hedge funds collectively own 52.31% of T1 Energy.
• Analysts have a Moderate Buy consensus and an average price target of $7.50; individual views range from a $5 hold target to a $9 target, alongside a lowered $6 buy target.
• T1 Energy reported a quarterly loss of $0.09 per share, narrower than the $0.13 loss analysts expected, on $250.13 million in revenue. Shares opened at $2.35, near the stock’s 12-month low of $2.07.

CenterBook Partners LP bought a new position in T1 Energy Inc (NYSE:TE - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,172,531 shares of the utilities provider's stock, valued at approximately $4,526,000. CenterBook Partners LP owned 0.40% of T1 Energy at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TE. Integrity Advisory Solutions LLC acquired a new stake in T1 Energy during the third quarter worth about $40,000. Fifth Third Wealth Advisors LLC purchased a new position in shares of T1 Energy in the 3rd quarter worth about $69,000. Sterling Capital Management LLC raised its holdings 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 worth $27,000 after purchasing an additional 6,256 shares during the period. Inspire Investing LLC raised its holdings in shares of T1 Energy by 127.9% in the 3rd quarter. Inspire Investing LLC now owns 165,763 shares of the utilities provider's stock worth $640,000 after purchasing an additional 93,038 shares during the period. Finally, Insight Advisors LLC PA lifted its stake in shares of T1 Energy by 23.0% in the 3rd quarter. Insight Advisors LLC PA now owns 73,550 shares of the utilities provider's stock valued at $284,000 after purchasing an additional 13,750 shares in the last quarter. Institutional investors and hedge funds own 52.31% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TE shares. Northland Securities set a $9.00 target price on T1 Energy in a report on Monday, October 5th. Needham & Company LLC dropped their target price on shares of T1 Energy from $7.00 to $6.00 and set a "buy" rating for the company in a research report on Friday, October 23rd. Wall Street Zen lowered shares of T1 Energy from a "sell" rating to a "strong sell" rating in a report on Saturday, August 22nd. Vertical Research began coverage on shares of T1 Energy in a research report on Thursday, September 17th. They set a "hold" rating and a $5.00 price target on the stock. 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 given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, T1 Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.50.

T1 Energy Stock Up 2.9%

Shares of NYSE TE opened at $2.35 on Friday. T1 Energy Inc has a 12-month low of $2.07 and a 12-month high of $12.49. The company has a market cap of $690.67 million, a P/E ratio of -1.18 and a beta of 2.48. The company has a current ratio of 1.30, a quick ratio of 0.90 and a debt-to-equity ratio of 3.50. The stock has a fifty day moving average price of $3.54 and a 200 day moving average price of $5.97.

T1 Energy (NYSE:TE - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The utilities provider reported ($0.09) 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 company had revenue of $250.13 million for the quarter. Research analysts anticipate that T1 Energy Inc will post -0.32 EPS for the current fiscal year.

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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