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

FREYR Battery (NYSE:FREY - Get Free Report) was upgraded by equities research analysts at BTIG Research from a "neutral" rating to a "buy" rating in a report released on Friday, MarketBeat.com reports. The firm presently has a $4.00 price target on the stock. BTIG Research's target price points to a potential upside of 85.19% from the company's previous close.

FREYR Battery Stock Up 19.3 %

NYSE:FREY traded up $0.35 during midday trading on Friday, hitting $2.16. The company had a trading volume of 6,313,974 shares, compared to its average volume of 2,101,478. The stock's fifty day moving average price is $1.65 and its 200-day moving average price is $1.51. FREYR Battery has a 52-week low of $0.91 and a 52-week high of $2.85. The company has a market capitalization of $303.46 million, a PE ratio of -2.84 and a beta of 1.03.

FREYR Battery (NYSE:FREY - Get Free Report) last posted 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 period in the previous year, the firm posted ($0.07) earnings per share.

Insiders Place Their Bets

In other news, Director Tore Ivar Slettemoen sold 391,071 shares of the firm's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $1.88, for a total transaction of $735,213.48. Following the transaction, the director now directly owns 5,080,446 shares of the company's stock, valued at approximately $9,551,238.48. This trade represents a 7.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Joseph Evan Calio bought 125,000 shares of the company's stock in a transaction that occurred on Thursday, December 12th. The shares were bought at an average price of $1.74 per share, with a total value of $217,500.00. Following the completion of the acquisition, the chief financial officer now directly owns 255,600 shares in the company, valued at $444,744. This trade represents a 95.71 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 804,292 shares of company stock valued at $1,439,009. 20.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FREY. State Street Corp boosted 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 buying an additional 307,426 shares during the period. Jennison Associates LLC boosted its holdings in shares of FREYR Battery by 0.7% during the third quarter. Jennison Associates LLC now owns 1,327,877 shares of the company's stock worth $1,288,000 after purchasing an additional 9,667 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of 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 worth $996,000 after purchasing an additional 320,217 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in FREYR Battery during the 2nd quarter valued at about $676,000. Finally, Bank of New York Mellon Corp purchased a new position in FREYR Battery during the 2nd quarter valued at about $571,000. 52.31% of the stock is 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.