T1 Energy (NYSE:TE) Issues Earnings Results, Beats Estimates By $0.04 EPS

T1 Energy (NYSE:TE) announced its earnings results on Wednesday. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04, reports. T1 Energy had a negative return on equity of 151.04% and a negative net margin of 38.49%.The business had revenue of $250.13 million for the quarter.

T1 Energy Trading Up 10.3%

Shares of NYSE:TE traded up $0.49 during mid-day trading on Friday, reaching $5.28. 12,811,510 shares of the company’s stock were exchanged, compared to its average volume of 28,313,264. T1 Energy has a twelve month low of $1.29 and a twelve month high of $12.49. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -2.67 and a beta of 2.23. The business’s fifty day moving average price is $7.07 and its 200-day moving average price is $6.91.

Wall Street Analyst Weigh In

Several research firms have weighed in on TE. Sanford C. Bernstein initiated coverage on T1 Energy in a research note on Tuesday, June 16th. They set a “market perform” rating and a $9.00 price target on the stock. Needham & Company LLC cut their target price on T1 Energy from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. Northland Securities initiated coverage on shares of T1 Energy in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $16.00 price target for the company. BTIG Research raised their price objective on T1 Energy from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of T1 Energy in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, T1 Energy presently has a consensus rating of “Moderate Buy” and an average target price of $9.12.

Insiders Place Their Bets

In related news, major shareholder Solar (Schweiz) Ag Trina sold 13,000,000 shares of T1 Energy 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 completion of the sale, the insider owned 40,152,664 shares of the company’s stock, valued at approximately $348,926,650.16. This trade represents a 24.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 22.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TE. Bank of New York Mellon Corp bought a new position in shares of T1 Energy during the 2nd quarter valued at approximately $7,768,000. FNY Investment Advisers LLC lifted its holdings in T1 Energy by 101.9% during the second quarter. FNY Investment Advisers LLC now owns 20,894 shares of the utilities provider’s stock valued at $198,000 after purchasing an additional 10,544 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of T1 Energy by 8,445.7% in the first quarter. NewEdge Advisors LLC now owns 86,141 shares of the utilities provider’s stock valued at $378,000 after purchasing an additional 85,133 shares during the last quarter. Bank of America Corp DE boosted its stake in T1 Energy by 435.9% during the first quarter. Bank of America Corp DE now owns 752,961 shares of the utilities provider’s stock worth $3,305,000 after buying an additional 612,452 shares during the period. Finally, Amundi boosted its holdings in T1 Energy by 17.0% in the first quarter. Amundi now owns 169,881 shares of the utilities provider’s stock valued at $746,000 after purchasing an additional 24,634 shares during the period. Institutional investors own 52.31% of the company’s stock.

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.