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

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.com reports. The firm currently has $4.00 price target on the stock.

FREYR Battery Price Performance

FREYR Battery stock opened at $2.16 on Friday. FREYR Battery has a 1-year low of $0.91 and a 1-year high of $2.85. The company’s 50-day moving average is $1.68 and its 200 day moving average is $1.51. The firm has a market capitalization of $303.46 million, a P/E ratio of -2.84 and a beta of 1.03.

FREYR Battery (NYSE:FREY) 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 in the prior year, the firm earned ($0.07) EPS.

Insider Transactions at FREYR Battery

In other news, CFO Joseph Evan Calio purchased 50,000 shares of the company’s stock in a transaction dated 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 purchase, the chief financial officer now directly owns 680,462 shares in the company, valued at approximately $1,068,325.34. This represents a 7.93 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Tore Ivar Slettemoen sold 391,071 shares of FREYR Battery stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $1.88, for a total transaction of $735,213.48. Following the sale, the director now directly owns 5,080,446 shares in the company, valued at approximately $9,551,238.48. The trade was a 7.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 804,292 shares of company stock valued at $1,439,009 over the last 90 days. Corporate insiders own 20.40% of the company’s stock.

Institutional Trading of FREYR Battery

Institutional investors and hedge funds have recently bought and sold shares of the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of FREYR Battery in the 2nd quarter valued at $676,000. Bank of New York Mellon Corp acquired a new position in shares of FREYR Battery in the second quarter valued at approximately $571,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in FREYR Battery by 45.3% during the 3rd 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 buying an additional 320,217 shares during the period. State Street Corp lifted its holdings in FREYR Battery by 24.4% during the 3rd quarter. State Street Corp now owns 1,567,499 shares of the company’s stock worth $1,521,000 after buying an additional 307,426 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new position in FREYR Battery in the 3rd quarter valued at approximately $156,000. 52.31% of the stock is currently 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.