Long Focus Capital Management LLC Acquires Shares of 891,118 FREYR Battery (NYSE:FREY)

Long Focus Capital Management LLC bought a new position in FREYR Battery (NYSE:FREY) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 891,118 shares of the company’s stock, valued at approximately $7,922,000. FREYR Battery comprises about 0.9% of Long Focus Capital Management LLC’s holdings, making the stock its 23rd largest position. Long Focus Capital Management LLC owned about 0.64% of FREYR Battery at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FREY. Electron Capital Partners LLC boosted its stake in shares of FREYR Battery by 108.0% during the 4th quarter. Electron Capital Partners LLC now owns 4,243,713 shares of the company’s stock worth $36,835,000 after purchasing an additional 2,203,193 shares during the period. Clean Energy Transition LLP lifted its stake in shares of FREYR Battery by 247.9% during the 4th quarter. Clean Energy Transition LLP now owns 2,097,193 shares of the company’s stock worth $18,204,000 after acquiring an additional 1,494,343 shares during the last quarter. Two Sigma Investments LP purchased a new position in FREYR Battery during the 4th quarter valued at $15,821,000. Gemsstock Ltd. grew its position in FREYR Battery by 13.8% in the 1st quarter. Gemsstock Ltd. now owns 1,742,915 shares of the company’s stock valued at $15,495,000 after acquiring an additional 211,015 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in FREYR Battery by 86.3% in the fourth quarter. Jennison Associates LLC now owns 1,316,379 shares of the company’s stock worth $11,426,000 after purchasing an additional 609,824 shares during the period. 46.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FREY has been the topic of a number of research analyst reports. The Goldman Sachs Group cut shares of FREYR Battery from a “buy” rating to a “neutral” rating and cut their price target for the stock from $14.00 to $10.00 in a report on Tuesday, July 18th. Morgan Stanley raised shares of FREYR Battery from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Thursday, June 29th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.50.

FREYR Battery Stock Performance

Shares of FREY stock traded up $0.12 during mid-day trading on Wednesday, hitting $6.49. 624,427 shares of the stock traded hands, compared to its average volume of 2,330,912. The stock’s fifty day moving average is $7.90 and its two-hundred day moving average is $7.73. FREYR Battery has a 52-week low of $6.08 and a 52-week high of $16.94.

FREYR Battery (NYSE:FREY) last posted its earnings results on Thursday, August 10th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.08. During the same quarter in the previous year, the firm posted ($0.25) EPS. On average, equities analysts forecast that FREYR Battery will post -1.31 EPS for the current fiscal year.

FREYR Battery Profile

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