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

FREYR Battery (NYSE:FREY) was upgraded by stock analysts at BTIG Research from a “neutral” rating to a “buy” rating in a report released on Friday, Marketbeat.com reports. The brokerage currently has a $4.00 target price on the stock. BTIG Research’s price target points to a potential upside of 85.19% from the stock’s previous close.

FREYR Battery Trading Up 19.3 %

Shares of NYSE:FREY opened at $2.16 on Friday. The company has a market capitalization of $303.46 million, a PE ratio of -2.84 and a beta of 1.03. FREYR Battery has a 12-month low of $0.91 and a 12-month high of $2.85. The business’s fifty day simple moving average is $1.68 and its 200-day simple moving average is $1.51.

FREYR Battery (NYSE:FREY) last posted 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 quarter in the prior year, the firm posted ($0.07) earnings per share.

Insider Buying and Selling at FREYR Battery

In related news, Director Tore Ivar Slettemoen sold 184,621 shares of the firm’s stock in a transaction 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 in the company, valued at $11,048,895.35. This trade represents a 2.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Joseph Evan Calio purchased 125,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were purchased at an average price of $1.74 per share, for a total transaction of $217,500.00. Following the purchase, 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 position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 804,292 shares of company stock worth $1,439,009. 20.40% of the stock is owned by insiders.

Hedge Funds Weigh In On FREYR Battery

A number of institutional investors have recently bought and sold shares of FREY. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased 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 acquiring an additional 320,217 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in FREYR Battery during the 2nd quarter worth about $676,000. BNP Paribas Financial Markets raised its stake in shares of FREYR Battery by 182.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 55,575 shares of the company’s stock valued at $54,000 after buying an additional 35,928 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of FREYR Battery in the 2nd quarter valued at about $38,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of FREYR Battery in the second quarter worth about $218,000. 52.31% of the stock is owned by hedge funds and other 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.