FREYR Battery [FREY] stock Upgrade by Goldman analyst, price target now $19

FREYR Battery [NYSE: FREY] traded at a high on 08/30/22, posting a 8.54 gain after which it closed the day’ session at $13.73. The company report on August 30, 2022 that FREYR Battery Announces the Execution of 38 GWh Li-Ion Battery Binding Cell Sales Agreement and Entry into Module & Pack Joint Venture for Energy Storage Solutions with Nidec Corporation.

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Broad partnership with Nidec includes a firm sales contract to supply 38 GWh of next-generation clean LFP Li-Ion battery cells from 2025 – 2030 combined with a Joint Venture Agreement to develop, manufacture, and sell integrated, low carbon ESS solutions to industrial and utility grade customers.

FREYR and Nidec have jointly agreed to convert and expand the previously announced 31 GWh conditional offtake agreement between the companies to a binding sales agreement under which FREYR will supply 38 GWh of cells from 2025 to 2030 with an option to upsize the volumes to 50 GWh in the period and potentially add volumes beyond 2030.

The results of the trading session contributed to over 6118147 shares changing hands. Over the past one week, the price volatility of FREYR Battery stands at 8.01% while the volatility over the past one month is 6.17%.

The market cap for FREY stock reached $1.64 billion, with 116.83 million shares outstanding and 90.61 million shares in the current float. Compared to the average trading volume of 1.17M shares, FREY reached a trading volume of 6118147 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about FREYR Battery [FREY]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FREY shares is $17.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FREY stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for FREYR Battery shares, keeping their opinion on the stock as Buy, with their previous recommendation back on August 25, 2022. While these analysts kept the previous recommendation, Goldman raised their target price to Neutral. The new note on the price target was released on June 21, 2022, representing the official price target for FREYR Battery stock. Previously, the target price had yet another raise to $11, while Piper Sandler analysts kept a Neutral rating on FREY stock.

The Average True Range (ATR) for FREYR Battery is set at 0.84 The Price to Book ratio for the last quarter was 3.13, with the Price to Cash per share for the same quarter was set at 4.05.

How has FREY stock performed recently?

FREYR Battery [FREY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 34.34. With this latest performance, FREY shares gained by 37.99% in over the last four-week period, additionally plugging by 51.88% over the last 6 months – not to mention a rise of 53.75% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FREY stock in for the last two-week period is set at 73.30, with the RSI for the last a single of trading hit 76.21, and the three-weeks RSI is set at 71.03 for FREYR Battery [FREY]. The present Moving Average for the last 50 days of trading for this stock 9.41, while it was recorded at 12.37 for the last single week of trading, and 9.68 for the last 200 days.

FREYR Battery [FREY]: Deeper insight into the fundamentals

Return on Equity for this stock declined to -33.93, with Return on Assets sitting at -20.36.

FREYR Battery’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.70 and a Current Ratio set at 11.70.

Insider trade positions for FREYR Battery [FREY]

There are presently around $896 million, or 59.10% of FREY stock, in the hands of institutional investors. The top three institutional holders of FREY stocks are: SYLEBRA CAPITAL LTD with ownership of 12,490,291, which is approximately -2.309% of the company’s market cap and around 24.02% of the total institutional ownership; KIM, LLC, holding 11,500,000 shares of the stock with an approximate value of $157.9 million in FREY stocks shares; and SPRING CREEK CAPITAL LLC, currently with $157.9 million in FREY stock with ownership of nearly 0% of the company’s market capitalization.

Positions in FREYR Battery stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 58 institutional holders increased their position in FREYR Battery [NYSE:FREY] by around 14,181,317 shares. Additionally, 58 investors decreased positions by around 12,465,608 shares, while 15 investors held positions by with 38,626,799 shares. The mentioned changes placed institutional holdings at 65,273,724 shares, according to the latest SEC report filing. FREY stock had 29 new institutional investments in for a total of 12,227,577 shares, while 22 institutional investors sold positions of 2,521,690 shares during the same period.


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