BTIG Research Upgrades FREYR Battery (NYSE:FREY) to Buy

BTIG Research upgraded shares of FREYR Battery (NYSE:FREY) from a neutral rating to a buy rating in a research note released on Friday, MarketBeat reports. BTIG Research currently has $4.00 price objective on the stock.

FREYR Battery Price Performance

NYSE FREY opened at $2.16 on Friday. The business has a fifty day moving average price of $1.68 and a two-hundred day moving average price of $1.51. The stock has a market capitalization of $303.46 million, a PE ratio of -2.84 and a beta of 1.03. FREYR Battery has a fifty-two week low of $0.91 and a fifty-two week high of $2.85.

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

Insider Buying and Selling

In other news, Director Tore Ivar Slettemoen sold 184,621 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $1.67, for a total value of $308,317.07. Following the completion of the transaction, the director now owns 6,616,105 shares of the company’s stock, valued at $11,048,895.35. This represents a 2.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Joseph Evan Calio acquired 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was acquired at an average price of $1.57 per share, with a total value of $78,500.00. Following the acquisition, the chief financial officer now owns 680,462 shares in the company, valued at $1,068,325.34. The trade was a 7.93 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 804,292 shares of company stock worth $1,439,009 in the last three months. 20.40% of the stock is owned by corporate insiders.

Institutional Trading of FREYR Battery

A number of institutional investors and hedge funds have recently bought and sold shares of FREY. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in FREYR Battery during the 2nd quarter worth about $676,000. Bank of New York Mellon Corp acquired a new position in shares of FREYR Battery in the second quarter worth approximately $571,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in FREYR Battery by 45.3% in the third 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 during the last quarter. State Street Corp increased its position in 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 purchasing an additional 307,426 shares during the period. Finally, Erste Asset Management GmbH acquired a new stake in FREYR Battery during the 3rd quarter valued at approximately $156,000. 52.31% of the stock is currently owned by institutional investors and hedge funds.

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.