T1 Energy (NYSE:TE) Shares Down 9% on Analyst Downgrade

Key Points

• T1 Energy shares fell 9% to about $2.09 after Needham cut its price target from $7 to $6, although it maintained a Buy rating.
• Analyst opinions remain mixed, but the stock has a consensus rating of “Moderate Buy” and an average price target of $7.50, well above its recent trading price.
• The company reported quarterly revenue of $250.13 million and an adjusted loss of $0.09 per share, while continuing to operate with negative profitability and substantial leverage.

T1 Energy Inc (NYSE:TE - Get Free Report) traded down 9% during mid-day trading on Monday after Needham & Company LLC lowered their price target on the stock from $7.00 to $6.00. Needham & Company LLC currently has a buy rating on the stock. T1 Energy traded as low as $2.13 and last traded at $2.0850. 1,367,696 shares were traded during trading, a decline of 95% from the average daily volume of 25,959,250 shares. The stock had previously closed at $2.29.

Other research analysts also recently issued research reports about the stock. 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. JPMorgan Chase & Co. began coverage on T1 Energy in a research note on Monday, September 14th. They issued a "neutral" rating and a $5.00 price objective on the stock. Northland Securities set a $9.00 price objective on T1 Energy in a report on Monday, October 5th. Weiss Ratings raised T1 Energy from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 16th. Finally, BTIG Research upped their target price on T1 Energy from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, T1 Energy currently has an average rating of "Moderate Buy" and a consensus price target of $7.50.

Hedge Funds Weigh In On T1 Energy

Institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its stake 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 valued at $27,000 after buying an additional 6,256 shares during the period. Blackhawk Capital Partners LLC purchased a new stake in shares of T1 Energy during the 1st quarter valued at approximately $44,000. SteelPeak Wealth LLC purchased a new stake in shares of T1 Energy during the 1st quarter valued at approximately $46,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of T1 Energy during the 3rd quarter valued at approximately $46,000. Finally, Waverly Advisors LLC acquired a new position in T1 Energy in the first quarter valued at approximately $54,000. Hedge funds and other institutional investors own 52.31% of the company's stock.

T1 Energy Stock Down 6.1%

The stock has a market capitalization of $633.53 million, a price-to-earnings ratio of -1.07 and a beta of 2.36. The business has a fifty day moving average of $3.95 and a 200 day moving average of $5.85. 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 (NYSE:TE - Get Free Report) last announced its earnings results on Wednesday, August 12th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, beating 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 company had revenue of $250.13 million for the quarter. As a group, equities analysts predict that T1 Energy Inc will post -0.34 earnings per share for the current 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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