T1 Energy (NYSE:TE) Reaches New 1-Year High – Here’s Why

T1 Energy Inc (NYSE:TE) hit a new 52-week high on Wednesday . The stock traded as high as $10.80 and last traded at $10.49, with a volume of 71847538 shares. The stock had previously closed at $8.08.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TE shares. Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price target on shares of T1 Energy in a report on Tuesday, May 12th. Zacks Research raised T1 Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of T1 Energy in a report on Friday, March 27th. Finally, BTIG Research increased their price target on T1 Energy from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.00.

T1 Energy Price Performance

The stock has a fifty day moving average of $5.98 and a two-hundred day moving average of $6.27. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of -5.34 and a beta of 1.78. 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) last announced its quarterly earnings data on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $177.65 million for the quarter. During the same period in the prior year, the company earned ($0.11) EPS. On average, equities research analysts anticipate that T1 Energy Inc will post -0.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $8.69, for a total transaction of $112,970,000.00. Following the transaction, the insider owned 40,152,664 shares of the company’s stock, valued at $348,926,650.16. This represents a 24.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 22.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TE. Vanguard Group Inc. acquired a new position in T1 Energy during the fourth quarter worth $69,894,000. Situational Awareness LP acquired a new position in T1 Energy during the first quarter worth $43,900,000. Renaissance Technologies LLC grew its holdings in T1 Energy by 232.2% during the first quarter. Renaissance Technologies LLC now owns 11,858,306 shares of the utilities provider’s stock worth $52,058,000 after acquiring an additional 8,289,050 shares during the period. Kim LLC acquired a new position in T1 Energy during the second quarter worth $8,816,000. Finally, Southpoint Capital Advisors LP acquired a new position in T1 Energy during the fourth quarter worth $40,080,000. Institutional investors and hedge funds own 52.31% of the company’s stock.

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.