FREYR Battery (NYSE:FREY) Receives Average Recommendation of “Buy” from Brokerages

FREYR Battery (NYSE:FREY – Get Rating) has been given an average rating of “Buy” by the nine ratings firms that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $19.33.

Several analysts recently weighed in on the company. US Capital Advisors assumed coverage on FREYR Battery in a research note on Thursday, March 17th. They issued a “buy” rating on the stock. Zacks Investment Research raised FREYR Battery from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, Clarkson Capital assumed coverage on FREYR Battery in a research note on Wednesday, January 26th. They issued a “buy” rating on the stock.

Shares of NYSE FREY opened at $7.00 on Thursday. FREYR Battery has a 52 week low of $6.73 and a 52 week high of $14.37. The stock has a market capitalization of $815.08 million, a P/E ratio of -2.20 and a beta of 0.42. The stock’s fifty day moving average is $10.09 and its 200 day moving average is $10.24.

FREYR Battery (NYSE:FREY – Get Rating) last issued its quarterly earnings results on Monday, February 28th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.13. During the same period in the prior year, the firm posted ($0.46) earnings per share. Research analysts anticipate that FREYR Battery will post -1.07 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Sylebra Capital Ltd boosted its stake in shares of FREYR Battery by 2.3% during the fourth quarter. Sylebra Capital Ltd now owns 12,705,935 shares of the company’s stock valued at $142,052,000 after purchasing an additional 286,695 shares in the last quarter. Handelsbanken Fonder AB acquired a new stake in shares of FREYR Battery during the fourth quarter valued at about $62,495,000. Candlestick Capital Management LP boosted its stake in shares of FREYR Battery by 7.1% during the fourth quarter. Candlestick Capital Management LP now owns 3,750,100 shares of the company’s stock valued at $41,926,000 after purchasing an additional 250,100 shares in the last quarter. Luxor Capital Group LP acquired a new stake in shares of FREYR Battery during the third quarter valued at about $28,398,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of FREYR Battery in the fourth quarter worth approximately $26,450,000. 55.36% of the stock is currently owned by hedge funds and other institutional investors.

FREYR Battery Company Profile (Get Rating)

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.

See Also