T1 Energy (NYSE:TE) Shares Gap Up After Strong Earnings

T1 Energy Inc (NYSE:TE)’s stock price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $6.04, but opened at $6.50. T1 Energy shares last traded at $6.1610, with a volume of 12,905,127 shares changing hands.

The utilities provider reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.13. The business had revenue of $177.65 million for the quarter. T1 Energy had a negative return on equity of 173.39% and a negative net margin of 48.11%.During the same quarter in the previous year, the company posted ($0.11) earnings per share.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TE. Weiss Ratings reissued a “sell (e+)” rating on shares of T1 Energy in a report on Friday, March 27th. Needham & Company LLC cut their price objective on shares of T1 Energy from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, April 2nd. Finally, Zacks Research lowered shares of T1 Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, April 3rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, T1 Energy has an average rating of “Moderate Buy” and an average target price of $7.83.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TE. NBC Securities Inc. bought a new stake in T1 Energy during the fourth quarter worth approximately $28,000. First PREMIER Bank bought a new position in T1 Energy during the 4th quarter valued at $30,000. Strs Ohio bought a new position in T1 Energy during the 4th quarter valued at $32,000. Russell Investments Group Ltd. acquired a new position in shares of T1 Energy during the 4th quarter valued at $63,000. Finally, Elevatus Welath Management acquired a new position in shares of T1 Energy during the 4th quarter valued at $67,000. 52.31% of the stock is owned by institutional investors and hedge funds.

T1 Energy Stock Down 2.6%

The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.18 and a current ratio of 1.43. The stock has a 50 day moving average price of $5.82 and a 200 day moving average price of $5.89. The company has a market cap of $1.64 billion, a P/E ratio of -2.90 and a beta of 1.78.

T1 Energy Company Profile

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.