T1 Energy (NYSE:TE) Shares Gap Down After Earnings Miss

Key Points

• T1 Energy shares fell sharply after missing earnings estimates: The stock opened at $1.84, down from its prior close of $2.13, after reporting a quarterly loss of $0.14 per share versus analysts’ expected loss of $0.12.
• The company reported quarterly revenue of $196.59 million, alongside a negative net margin of 38.49% and negative return on equity of 149.67%.
• Analysts’ consensus rating remains “Moderate Buy,” with a consensus price target of $7.50; institutional investors and hedge funds own 52.31% of the shares.

T1 Energy Inc (NYSE:TE - Get Free Report)'s stock price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $2.13, but opened at $1.84. T1 Energy shares last traded at $1.8380, with a volume of 11,815,859 shares traded.

The utilities provider reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). T1 Energy had a negative net margin of 38.49% and a negative return on equity of 149.67%. The business had revenue of $196.59 million during the quarter.

Analysts Set New Price Targets

TE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. started coverage on shares of T1 Energy in a research note on Monday, September 14th. They issued a "neutral" rating and a $5.00 price target on the stock. BTIG Research upped their price objective on shares of T1 Energy from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Needham & Company LLC lowered their price objective 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. Weiss Ratings raised shares of T1 Energy from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, October 16th. Finally, Vertical Research assumed coverage on shares of T1 Energy in a research report on Thursday, September 17th. They issued a "hold" rating and a $5.00 target price on the stock. One investment 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 given a Sell rating to the stock. According to MarketBeat.com, T1 Energy has a consensus rating of "Moderate Buy" and a consensus target price of $7.50.

Hedge Funds Weigh In On T1 Energy

A number of institutional investors and hedge funds have recently bought and sold shares of TE. Renaissance Technologies LLC boosted its stake in shares of T1 Energy by 232.2% during the first quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider's stock valued at $52,058,000 after purchasing an additional 8,289,050 shares in the last quarter. Situational Awareness LP acquired a new position in shares of T1 Energy in the first quarter valued at approximately $43,900,000. Electron Capital Partners LLC raised its holdings in T1 Energy by 69.4% in the 1st quarter. Electron Capital Partners LLC now owns 5,929,585 shares of the utilities provider's stock valued at $26,031,000 after buying an additional 2,429,564 shares during the last quarter. Squarepoint Ops LLC raised its holdings in T1 Energy by 35.2% in the 2nd 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 last quarter. Finally, Bank of New York Mellon Corp bought a new position in T1 Energy in the 2nd quarter valued at approximately $7,768,000. Institutional investors and hedge funds own 52.31% of the company's stock.

T1 Energy Trading Down 10.6%

The firm's 50-day moving average is $3.40 and its 200 day moving average is $5.88. 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 firm has a market capitalization of $560.78 million, a price-to-earnings ratio of -0.96 and a beta of 2.48.

T1 Energy Company Profile

T1 Energy, formerly known as FREYR Battery, is a U.S.-focused solar manufacturing company. After initially pursuing battery production, the company shifted its strategy toward building a domestic solar supply chain. The company is developing solar manufacturing operations in Texas, including facilities intended to produce solar cells and modules. Its products are designed to serve the solar energy market, supporting the deployment of photovoltaic systems. T1 Energy's strategy centers on expanding U.S.-based solar manufacturing and serving customers seeking domestically produced solar products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.