FREYR Battery (NYSE:FREY) Shares Gap Up to $13.14

FREYR Battery (NYSE:FREYGet Rating)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $13.14, but opened at $13.78. FREYR Battery shares last traded at $14.77, with a volume of 135,133 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FREY. The Goldman Sachs Group upgraded FREYR Battery from a “neutral” rating to a “buy” rating and increased their price target for the stock from $11.00 to $19.00 in a report on Wednesday, August 24th. Credit Suisse Group increased their price target on FREYR Battery to $16.00 in a research report on Monday, August 15th. BTIG Research increased their price objective on FREYR Battery from $20.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, September 1st. Finally, Morgan Stanley set a $26.00 price objective on FREYR Battery and gave the company an “overweight” rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, FREYR Battery currently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

FREYR Battery Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 11.74 and a quick ratio of 11.74. The company has a 50-day moving average price of $11.46 and a two-hundred day moving average price of $9.83. The company has a market cap of $1.79 billion, a PE ratio of -16.71 and a beta of 0.67.

FREYR Battery (NYSE:FREYGet Rating) last issued its quarterly earnings data on Monday, August 8th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.30. During the same period in the prior year, the business earned ($0.04) earnings per share. Sell-side analysts expect that FREYR Battery will post -1.03 earnings per share for the current fiscal year.

Institutional Trading of FREYR Battery

Hedge funds and other institutional investors have recently modified their holdings of the company. Long Focus Capital Management LLC acquired a new stake in shares of FREYR Battery in the fourth quarter valued at about $447,000. Sylebra Capital Ltd lifted its stake in FREYR Battery by 2.3% during the fourth quarter. Sylebra Capital Ltd now owns 12,705,935 shares of the company’s stock worth $142,052,000 after purchasing an additional 286,695 shares during the period. Candlestick Capital Management LP lifted its stake in FREYR Battery by 7.1% during the fourth quarter. Candlestick Capital Management LP now owns 3,750,100 shares of the company’s stock worth $41,926,000 after purchasing an additional 250,100 shares during the period. L & S Advisors Inc raised its stake in shares of FREYR Battery by 6.6% in the first quarter. L & S Advisors Inc now owns 156,790 shares of the company’s stock valued at $1,922,000 after acquiring an additional 9,666 shares during the last quarter. Finally, Green Alpha Advisors LLC bought a new position in shares of FREYR Battery in the second quarter valued at approximately $370,000. 56.29% of the stock is currently owned by hedge funds and other institutional investors.

FREYR Battery Company Profile

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FREYR Battery engages in the production and sale of battery cells for stationary energy storage, electric mobility, and marine applications in Europe and internationally. The company designs and manufactures lithium-ion based battery cell facilities. The company was founded in 2018 and is based in Luxembourg.

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