Bornite Capital Management LP Buys New Shares in T1 Energy Inc $TE

Bornite Capital Management LP bought a new stake in shares of T1 Energy Inc (NYSE:TE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,250,000 shares of the utilities provider’s stock, valued at approximately $8,350,000. T1 Energy makes up 0.8% of Bornite Capital Management LP’s investment portfolio, making the stock its 26th largest holding. Bornite Capital Management LP owned about 0.59% of T1 Energy at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of TE. Strs Ohio purchased a new position in T1 Energy during the first quarter valued at $26,000. Envestnet Asset Management Inc. purchased a new position in T1 Energy during the second quarter valued at $27,000. NBC Securities Inc. purchased a new position in T1 Energy during the fourth quarter valued at $28,000. First PREMIER Bank purchased a new position in T1 Energy during the fourth quarter valued at $30,000. Finally, Bank of America Corp DE purchased a new position in T1 Energy during the second quarter valued at $49,000. 52.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of T1 Energy stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $8.14, for a total value of $77,330,000.00. Following the sale, the insider directly owned 30,652,664 shares of the company’s stock, valued at approximately $249,512,684.96. The trade was a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 22.44% of the company’s stock.

T1 Energy Trading Up 0.3%

Shares of TE stock opened at $8.50 on Friday. T1 Energy Inc has a 12-month low of $1.15 and a 12-month high of $12.49. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 2.05. The stock’s 50-day moving average price is $6.78 and its 200-day moving average price is $6.73. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -4.18 and a beta of 2.14.

T1 Energy (NYSE:TE) last issued its earnings results on Wednesday, May 13th. The utilities provider reported ($0.08) earnings per share (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 firm had revenue of $177.65 million for the quarter. During the same period last year, the firm posted ($0.11) earnings per share. Equities research analysts predict that T1 Energy Inc will post -0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

TE has been the topic of several analyst reports. Northland Securities initiated coverage on T1 Energy in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 target price on the stock. Zacks Research upgraded T1 Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. Needham & Company LLC reiterated a “buy” rating and set a $8.00 target price on shares of T1 Energy in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of T1 Energy in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded T1 Energy from a “sell” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, T1 Energy currently has an average rating of “Moderate Buy” and an average price target of $9.14.

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.