FREYR Battery (NYSE:FREY) Rating Increased to Buy at BTIG Research

FREYR Battery (NYSE:FREY) was upgraded by equities researchers at BTIG Research from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm currently has a $4.00 target price on the stock. BTIG Research’s price target suggests a potential upside of 120.99% from the stock’s current price.

FREYR Battery Stock Up 1.1 %

FREYR Battery stock opened at $1.81 on Friday. The stock has a 50-day moving average price of $1.65 and a 200 day moving average price of $1.51. The company has a market capitalization of $254.29 million, a price-to-earnings ratio of -2.38 and a beta of 1.03. FREYR Battery has a 52 week low of $0.91 and a 52 week high of $2.85.

FREYR Battery (NYSE:FREY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.02). During the same quarter last year, the business earned ($0.07) earnings per share.

Insider Activity at FREYR Battery

In related news, CFO Joseph Evan Calio acquired 125,000 shares of FREYR Battery stock in a transaction on Thursday, December 12th. The stock was bought at an average cost of $1.74 per share, for a total transaction of $217,500.00. Following the completion of the transaction, the chief financial officer now owns 255,600 shares of the company’s stock, valued at approximately $444,744. The trade was a 95.71 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Tore Ivar Slettemoen sold 184,621 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $1.67, for a total transaction of $308,317.07. Following the sale, the director now directly owns 6,616,105 shares of the company’s stock, valued at $11,048,895.35. This represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 20.40% of the company’s stock.

Institutional Trading of FREYR Battery

Several large investors have recently made changes to their positions in the company. Barclays PLC lifted its stake in shares of FREYR Battery by 274.9% in the third quarter. Barclays PLC now owns 147,124 shares of the company’s stock worth $142,000 after buying an additional 107,881 shares in the last quarter. XTX Topco Ltd acquired a new stake in FREYR Battery in the 3rd quarter valued at about $95,000. State Street Corp lifted its stake in FREYR Battery by 24.4% in the 3rd quarter. State Street Corp now owns 1,567,499 shares of the company’s stock worth $1,521,000 after purchasing an additional 307,426 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of FREYR Battery during the 3rd quarter worth approximately $103,000. Finally, Erste Asset Management GmbH acquired a new stake in shares of FREYR Battery in the third quarter valued at approximately $156,000. 52.31% of the stock is currently owned by hedge funds and other institutional investors.

FREYR Battery Company Profile

FREYR Battery, Inc provides battery solutions in the United States, Norway, and internationally. The company develops battery cell manufacturing facilities. It serves its products to energy storage systems and commercial mobility, including marine applications and commercial vehicles markets. The company is headquartered in Luxembourg.