FREYR Battery (NYSE:FREY) Upgraded at BTIG Research

BTIG Research upgraded shares of FREYR Battery (NYSE:FREY) from a neutral rating to a buy rating in a report released on Friday, Marketbeat reports. The brokerage currently has $4.00 price target on the stock.

FREYR Battery Stock Performance

Shares of FREY stock opened at $2.16 on Friday. FREYR Battery has a 52-week low of $0.91 and a 52-week high of $2.85. The stock has a market cap of $303.46 million, a price-to-earnings ratio of -2.84 and a beta of 1.03. The firm’s 50-day moving average is $1.68 and its 200-day moving average is $1.51.

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

Insider Activity

In other FREYR Battery news, Director Tore Ivar Slettemoen sold 184,621 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $1.67, for a total transaction of $308,317.07. Following the transaction, the director now owns 6,616,105 shares in the company, valued at $11,048,895.35. This trade represents a 2.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Joseph Evan Calio bought 125,000 shares of FREYR Battery stock in a transaction dated Thursday, December 12th. The stock was acquired at an average cost of $1.74 per share, with a total value of $217,500.00. Following the transaction, the chief financial officer now owns 255,600 shares of the company’s stock, valued at $444,744. This trade represents a 95.71 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 804,292 shares of company stock valued at $1,439,009 over the last ninety days. 20.40% of the stock is currently owned by company insiders.

Institutional Trading of FREYR Battery

Several hedge funds and other institutional investors have recently bought and sold shares of FREY. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of FREYR Battery during the second quarter worth approximately $676,000. Bank of New York Mellon Corp bought a new position in FREYR Battery during the 2nd quarter worth $571,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in FREYR Battery by 45.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,026,774 shares of the company’s stock valued at $996,000 after acquiring an additional 320,217 shares in the last quarter. State Street Corp lifted its position in shares of FREYR Battery by 24.4% during the 3rd quarter. State Street Corp now owns 1,567,499 shares of the company’s stock valued at $1,521,000 after acquiring an additional 307,426 shares during the period. Finally, Erste Asset Management GmbH acquired a new stake in shares of FREYR Battery during the 3rd quarter worth $156,000. Institutional investors and hedge funds own 52.31% of the company’s stock.

About FREYR Battery

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.