T1 Energy (NYSE:TE) Shares Gap Up - Here's What Happened

Key Points

• T1 Energy shares opened sharply higher, rising from a prior close of $4.17 to $4.46 before trading around $4.35 on volume exceeding 6 million shares.
• Analyst opinions remain mixed, but the stock carries an overall “Moderate Buy” consensus with an average price target of $9.00; targets range from $7.00 to $16.00, alongside recent sell and market-perform ratings.
• The company reported quarterly revenue of $177.65 million and an EPS loss of $0.08, beating estimates, while major shareholder Trina Solar sold 13 million shares worth about $113 million.

T1 Energy Inc (NYSE:TE - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $4.17, but opened at $4.46. T1 Energy shares last traded at $4.3510, with a volume of 6,075,225 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of T1 Energy in a report on Wednesday, July 8th. Northland Securities started coverage on T1 Energy in a report on Wednesday, June 3rd. They issued an "outperform" rating and a $16.00 price objective for the company. Needham & Company LLC cut their target price on T1 Energy from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Wall Street Zen downgraded shares of T1 Energy from a "hold" rating to a "sell" rating in a research note on Sunday, June 21st. Finally, Sanford C. Bernstein started coverage on shares of T1 Energy in a research report on Tuesday, June 16th. They issued a "market perform" rating and a $9.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $9.00.

T1 Energy Price Performance

The firm has a market capitalization of $1.32 billion, a PE ratio of -2.35 and a beta of 2.16. The firm's fifty day simple moving average is $8.04 and its 200-day simple moving average is $7.08. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 2.05.

T1 Energy (NYSE:TE - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The utilities provider reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.13. T1 Energy had a negative return on equity of 150.51% and a negative net margin of 42.30%.The company had revenue of $177.65 million during the quarter. During the same period in the previous year, the firm earned ($0.11) EPS. On average, research analysts forecast that T1 Energy Inc will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other T1 Energy news, major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $8.69, for a total transaction of $112,970,000.00. Following the completion of the transaction, the insider owned 40,152,664 shares in the company, valued at $348,926,650.16. This trade represents a 24.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 22.44% of the stock is owned by corporate insiders.

Institutional Trading of T1 Energy

Several institutional investors and hedge funds have recently made changes to their positions in TE. Vanguard Group Inc. purchased a new position in T1 Energy during the 4th quarter worth $69,894,000. Situational Awareness LP purchased a new position in T1 Energy during the 1st quarter worth $43,900,000. Renaissance Technologies LLC increased its holdings 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 acquiring an additional 8,289,050 shares in the last quarter. Kim LLC purchased a new position in shares of T1 Energy in the second quarter worth $8,816,000. Finally, Southpoint Capital Advisors LP purchased a new stake in T1 Energy during the 4th quarter valued at about $40,080,000. 52.31% of the stock is currently owned by institutional investors.

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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