FREYR Battery (NYSE:FREY) Downgraded to “Equal Weight” at Morgan Stanley

FREYR Battery (NYSE:FREY – Get Rating) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, The Fly reports.

Other analysts have also issued reports about the company. Cowen began coverage on FREYR Battery in a report on Monday, October 31st. They set an “outperform” rating on the stock. Cowen began coverage on FREYR Battery in a report on Monday, October 31st. They issued an “outperform” rating on the stock. Finally, Credit Suisse Group dropped their price objective on FREYR Battery from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 7th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

FREYR Battery Stock Down 4.8 %

FREYR Battery stock opened at $9.90 on Wednesday. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -7.62 and a beta of 0.72. FREYR Battery has a 52 week low of $6.42 and a 52 week high of $16.94. The business’s 50-day moving average price is $10.94 and its 200 day moving average price is $11.74. The company has a quick ratio of 9.27, a current ratio of 9.27 and a debt-to-equity ratio of 0.02.

FREYR Battery (NYSE:FREY – Get Rating) last posted its earnings results on Monday, November 14th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.09. As a group, sell-side analysts anticipate that FREYR Battery will post -0.96 earnings per share for the current year.

Hedge Funds Weigh In On FREYR Battery

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sylebra Capital Ltd lifted its position in shares of FREYR Battery by 2.5% in the third quarter. Sylebra Capital Ltd now owns 12,803,449 shares of the company’s stock valued at $182,321,000 after acquiring an additional 313,158 shares in the last quarter. Candlestick Capital Management LP lifted its position in shares of FREYR Battery by 3.5% in the second quarter. Candlestick Capital Management LP now owns 3,830,962 shares of the company’s stock valued at $26,204,000 after acquiring an additional 130,862 shares in the last quarter. Electron Capital Partners LLC purchased a new position in shares of FREYR Battery in the third quarter valued at approximately $29,057,000. Jennison Associates LLC lifted its position in shares of FREYR Battery by 1.1% in the third quarter. Jennison Associates LLC now owns 706,555 shares of the company’s stock valued at $10,061,000 after acquiring an additional 7,862 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of FREYR Battery by 26.8% in the second quarter. Franklin Resources Inc. now owns 576,600 shares of the company’s stock valued at $3,944,000 after acquiring an additional 122,000 shares in the last quarter. Hedge funds and other institutional investors own 78.25% of the company’s stock.

FREYR Battery Company Profile

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FREYR Battery engages in the production and sale of battery cells for stationary energy storage, electric mobility, and marine applications in Europe and internationally. The company designs and manufactures lithium-ion based battery cell facilities. The company was founded in 2018 and is based in Luxembourg.