FREYR Battery Target of Unusually Large Options Trading (NYSE:FREY)

FREYR Battery, Inc. (NYSE:FREY - Get Free Report) saw some unusual options trading activity on Monday. Stock traders bought 7,201 call options on the stock. This represents an increase of approximately 921% compared to the average volume of 705 call options.

Wall Street Analysts Forecast Growth

Separately, BTIG Research upgraded FREYR Battery from a "neutral" rating to a "buy" rating and set a $4.00 price target for the company in a research report on Friday.

FREYR Battery Stock Performance

Shares of NYSE:FREY traded up $0.40 during midday trading on Monday, hitting $2.56. The company's stock had a trading volume of 9,607,206 shares, compared to its average volume of 2,131,875. FREYR Battery has a 12-month low of $0.91 and a 12-month high of $2.85. The company has a market cap of $359.65 million, a P/E ratio of -3.37 and a beta of 1.03. The business's 50 day simple moving average is $1.68 and its 200 day simple moving average is $1.50.

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

Insider Activity at FREYR Battery

In other news, Director Tore Ivar Slettemoen sold 184,621 shares of FREYR Battery stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $1.67, for a total value of $308,317.07. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Joseph Evan Calio purchased 50,000 shares of FREYR Battery stock in a transaction that occurred on Monday, December 16th. The shares were bought at an average price of $1.57 per share, with a total value of $78,500.00. Following the transaction, the chief financial officer now owns 680,462 shares in the company, valued at approximately $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. Over the last quarter, insiders have sold 804,292 shares of company stock worth $1,439,009. 20.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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