BTIG Research Lowers FREYR Battery (NYSE:FREY) to Neutral

BTIG Research downgraded shares of FREYR Battery (NYSE:FREY) from a buy rating to a neutral rating in a report released on Friday morning, Marketbeat Ratings reports.

Other equities analysts have also recently issued research reports about the stock. TD Cowen cut shares of FREYR Battery from an outperform rating to a market perform rating and dropped their price target for the company from $14.00 to $7.00 in a research report on Wednesday, October 25th. The Goldman Sachs Group cut shares of FREYR Battery from a buy rating to a neutral rating and dropped their price target for the company from $14.00 to $10.00 in a research report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, FREYR Battery presently has a consensus rating of Hold and a consensus target price of $9.98.

FREYR Battery Price Performance

FREY stock opened at $1.50 on Friday. The stock has a market capitalization of $209.57 million, a PE ratio of -10.71 and a beta of 0.94. The company’s 50-day moving average is $4.46 and its 200-day moving average is $6.53. FREYR Battery has a 1 year low of $1.40 and a 1 year high of $15.80.

FREYR Battery (NYSE:FREY) last released its quarterly earnings data on Thursday, November 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.33. During the same quarter in the prior year, the firm posted ($0.20) EPS. On average, analysts anticipate that FREYR Battery will post -1.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FREYR Battery

Several hedge funds have recently modified their holdings of the company. HighTower Advisors LLC bought a new position in shares of FREYR Battery during the 3rd quarter worth approximately $54,000. Pathstone Family Office LLC boosted its holdings in FREYR Battery by 8.5% in the 3rd quarter. Pathstone Family Office LLC now owns 46,023 shares of the company’s stock valued at $225,000 after purchasing an additional 3,586 shares during the period. Quantbot Technologies LP lifted its holdings in shares of FREYR Battery by 15.6% during the 3rd quarter. Quantbot Technologies LP now owns 34,133 shares of the company’s stock worth $167,000 after acquiring an additional 4,608 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of FREYR Battery during the 3rd quarter worth $108,000. Finally, Triodos Investment Management BV lifted its stake in FREYR Battery by 24.2% in the third quarter. Triodos Investment Management BV now owns 1,180,000 shares of the company’s stock worth $5,770,000 after purchasing an additional 230,000 shares during the last quarter. Institutional investors own 46.57% of the company’s stock.

FREYR Battery Company 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.