Engineers Gate Manager LP Sells 718,066 Shares of T1 Energy Inc $TE

Key Points

• Engineers Gate Manager LP cut its T1 Energy stake by 77.2% in the second quarter, selling 718,066 shares and retaining 212,176 shares worth approximately $2.01 million.
• Despite the sale, several institutions increased their positions, including Renaissance Technologies, which boosted its holdings by 232.2%. Institutional investors collectively own 52.31% of T1 Energy.
• T1 Energy shares recently traded at $4.29, down 1.9%, while analysts maintain a “Moderate Buy” consensus with an average price target of $8.67. The company reported quarterly revenue of $250.13 million and a smaller-than-expected loss per share.

Engineers Gate Manager LP decreased its holdings in shares of T1 Energy Inc (NYSE:TE - Free Report) by 77.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 212,176 shares of the utilities provider's stock after selling 718,066 shares during the period. Engineers Gate Manager LP owned approximately 0.07% of T1 Energy worth $2,011,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC boosted its position 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 worth $52,058,000 after purchasing an additional 8,289,050 shares during the last quarter. Situational Awareness LP bought a new stake in T1 Energy in the first quarter valued at about $43,900,000. Electron Capital Partners LLC increased its holdings 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 during the last quarter. BNP Paribas Financial Markets acquired a new position in T1 Energy in the fourth quarter valued at about $9,752,000. Finally, Squarepoint Ops LLC lifted 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 buying an additional 371,874 shares during the period. Institutional investors own 52.31% of the company's stock.

T1 Energy Trading Down 1.9%

NYSE TE opened at $4.29 on Wednesday. The firm has a market cap of $1.26 billion, a P/E ratio of -2.16 and a beta of 2.25. The company has a debt-to-equity ratio of 3.50, a current ratio of 1.30 and a quick ratio of 0.90. The stock's 50-day moving average is $5.14 and its 200-day moving average is $6.45. T1 Energy Inc has a one year low of $1.70 and a one year high of $12.49.

T1 Energy (NYSE:TE - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share 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 for the quarter. Sell-side analysts anticipate that T1 Energy Inc will post -0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on TE. Needham & Company LLC decreased 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. BTIG Research lifted their price objective on shares of T1 Energy from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Wall Street Zen downgraded shares of T1 Energy from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 22nd. Zacks Research upgraded shares of T1 Energy from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 20th. Finally, 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 target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $8.67.

T1 Energy Company Profile

T1 Energy Inc NYSE: TE is a U.S.-focused solar energy company developing domestic manufacturing and supply-chain capabilities for the photovoltaic industry. Its business centers on producing solar modules and supporting the deployment of utility-scale and other solar power projects.

The company's operations are anchored by a solar module manufacturing facility in Texas, which it acquired as part of its transition into the solar industry. T1 Energy is focused on expanding U.S.-based production and serving the North American market as demand grows for domestically manufactured solar equipment.

T1 Energy was formerly known as FREYR Battery, a company established to develop battery-cell manufacturing operations.

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