Wall Street Zen Downgrades T1 Energy (NYSE:TE) to Sell

T1 Energy (NYSE:TE) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

Several other brokerages have also commented on TE. Weiss Ratings reiterated a “sell (e+)” rating on shares of T1 Energy in a report on Friday, March 27th. Needham & Company LLC reissued a “buy” rating and issued a $8.00 price objective on shares of T1 Energy in a research report on Tuesday, May 12th. Zacks Research upgraded T1 Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Sanford C. Bernstein began coverage on T1 Energy in a research report on Tuesday. They set a “market perform” rating and a $9.00 target price on the stock. Finally, Northland Securities started coverage on T1 Energy in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $16.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.12.

T1 Energy Stock Down 0.6%

Shares of T1 Energy stock opened at $9.29 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 2.05. The company has a market cap of $2.60 billion, a P/E ratio of -4.58 and a beta of 2.14. The firm’s 50 day moving average price is $7.27 and its 200-day moving average price is $6.93. T1 Energy has a 52-week low of $1.15 and a 52-week high of $12.49.

T1 Energy (NYSE:TE) last posted its earnings results on Wednesday, May 13th. The utilities provider reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.13. The company had revenue of $177.65 million during the quarter. T1 Energy had a negative net margin of 42.30% and a negative return on equity of 150.51%. During the same period in the previous year, the company earned ($0.11) EPS. On average, sell-side analysts predict that T1 Energy will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Solar (Schweiz) Ag Trina sold 9,500,000 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $8.14, for a total value of $77,330,000.00. Following the transaction, the insider owned 30,652,664 shares in the company, valued at approximately $249,512,684.96. This represents a 23.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 22.44% of the stock is currently owned by corporate insiders.

Institutional Trading of T1 Energy

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. acquired a new stake in shares of T1 Energy in the fourth quarter worth $69,894,000. Situational Awareness LP acquired a new position in T1 Energy during the first quarter valued at $43,900,000. Renaissance Technologies LLC lifted its position 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 valued at $52,058,000 after purchasing an additional 8,289,050 shares during the period. Kim LLC purchased a new stake in T1 Energy in the second quarter valued at $8,816,000. Finally, Southpoint Capital Advisors LP purchased a new stake in T1 Energy in the fourth quarter valued at $40,080,000. 52.31% of the stock is owned by hedge funds and other 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.