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

FREYR Battery (NYSE:FREY) was upgraded by analysts 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 presently has a $4.00 target price on the stock. BTIG Research’s price target would suggest a potential upside of 120.99% from the company’s previous close.

FREYR Battery Price Performance

Shares of NYSE FREY opened at $1.81 on Friday. The stock has a market cap of $254.29 million, a PE ratio of -2.38 and a beta of 1.03. The firm has a fifty day moving average price of $1.65 and a 200-day moving average price of $1.51. FREYR Battery has a 1 year low of $0.91 and a 1 year high of $2.85.

FREYR Battery (NYSE:FREY) last released its earnings results 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 period in the previous year, the firm posted ($0.07) earnings per share.

Insider Buying and Selling at FREYR Battery

In other FREYR Battery news, CFO Joseph Evan Calio purchased 125,000 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was purchased at an average price of $1.74 per share, with a total value of $217,500.00. Following the acquisition, the chief financial officer now owns 255,600 shares in the company, valued at approximately $444,744. The trade was a 95.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Tore Ivar Slettemoen sold 184,621 shares of FREYR Battery 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 directly owns 6,616,105 shares of the company’s stock, valued at $11,048,895.35. The trade was a 2.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 20.40% of the company’s stock.

Hedge Funds Weigh In On FREYR Battery

A number of hedge funds have recently added to or reduced their stakes in FREY. SG Americas Securities LLC purchased a new stake in shares of FREYR Battery in the 2nd quarter worth approximately $38,000. Bank of New York Mellon Corp purchased a new position in FREYR Battery in the second quarter valued at about $571,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of FREYR Battery during the second quarter valued at about $676,000. FFT Wealth Management LLC bought a new position in shares of FREYR Battery during the 2nd quarter worth approximately $65,000. Finally, Rhumbline Advisers acquired a new stake in FREYR Battery in the second quarter valued at approximately $203,000. 52.31% of the stock is currently owned by institutional investors.

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.