FREYR Battery (NYSE:FREY) Shares Down 4.8% – Here’s Why

FREYR Battery, Inc. (NYSE:FREY) was down 4.8% during mid-day trading on Thursday . The stock traded as low as $7.22 and last traded at $7.28. Approximately 15,377,518 shares changed hands during trading, an increase of 505% from the average daily volume of 2,541,737 shares. The stock had previously closed at $7.65.

FREYR Battery Stock Performance

The business’s 50-day moving average price is $5.08 and its 200 day moving average price is $3.09. The company has a market cap of $1.02 billion, a P/E ratio of -9.58 and a beta of 0.94.

About FREYR Battery

FREYR Battery is a sustainable battery technology and manufacturing company focused on producing high-performance lithium-ion cells for electric vehicles (EVs) and energy storage systems. The company aims to leverage low-carbon hydroelectric power in Norway and renewable energy sources in other regions to supply clean battery cells that meet the growing global demand for decarbonized transportation and grid resilience. FREYR’s product roadmap includes battery modules, packs and integrated storage solutions, designed to serve auto manufacturers, utilities and large-scale commercial energy users.

Headquartered in Oslo, Norway, FREYR Battery was founded in 2018 with the mission of establishing cost-efficient, scalable gigafactories in strategic locations.