Analysts Set FREYR Battery (NYSE:FREY) Price Target at $12.20

Shares of FREYR Battery (NYSE:FREY) have earned a consensus rating of “Hold” from the six analysts that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $9.98.

A number of analysts recently commented on FREY shares. BTIG Research lowered FREYR Battery from a “buy” rating to a “neutral” rating in a research note on Friday. The Goldman Sachs Group lowered FREYR Battery from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $14.00 to $10.00 in a research note on Tuesday, July 18th. Bank of America reaffirmed an “underperform” rating and set a $1.90 price objective (down previously from $13.00) on shares of FREYR Battery in a research note on Friday. Finally, TD Cowen lowered FREYR Battery from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $14.00 to $7.00 in a research note on Wednesday, October 25th.

FREYR Battery Stock Performance

FREYR Battery stock opened at $1.50 on Friday. The firm has a market capitalization of $209.57 million, a price-to-earnings ratio of -10.71 and a beta of 0.94. FREYR Battery has a fifty-two week low of $1.40 and a fifty-two week high of $15.80. The stock’s fifty day moving average is $4.46 and its two-hundred day moving average is $6.53.

FREYR Battery (NYSE:FREY) last posted its quarterly earnings data on Thursday, November 9th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.33. During the same period last year, the business posted ($0.20) EPS. As a group, sell-side analysts forecast that FREYR Battery will post -1.6 EPS for the current fiscal year.

Institutional Trading of FREYR Battery

A number of hedge funds have recently added to or reduced their stakes in the business. Southpoint Capital Advisors LP raised its holdings in shares of FREYR Battery by 16.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 2,900,000 shares of the company’s stock worth $25,781,000 after purchasing an additional 400,000 shares during the period. Two Sigma Investments LP purchased a new stake in FREYR Battery during the 4th quarter worth approximately $15,821,000. Gemsstock Ltd. increased its holdings in FREYR Battery by 13.8% during the 1st quarter. Gemsstock Ltd. now owns 1,742,915 shares of the company’s stock worth $15,495,000 after purchasing an additional 211,015 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in FREYR Battery by 20.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,456,503 shares of the company’s stock worth $13,618,000 after purchasing an additional 247,146 shares during the last quarter. Finally, Long Focus Capital Management LLC acquired a new position in shares of FREYR Battery in the 1st quarter worth approximately $12,046,000. 46.57% of the stock is owned by institutional investors and hedge funds.

About FREYR Battery

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.