Goldman lifts FREYR Battery [FREY] price estimate. Who else is bullish?

FREYR Battery [NYSE: FREY] slipped around -0.14 points on Wednesday, while shares priced at $15.94 at the close of the session, down -0.87%. The company report on September 30, 2022 that FREYR Battery Enters into Agreement with HENT AS to Construct Giga Arctic Battery Production Facility.

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FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has entered into an agreement with HENT AS (“HENT”), one of Norway’s largest general contractors and project developers. HENT will be responsible for the planning, project management and construction of FREYR’s 120,000 square-meter battery factory building including facilities and infrastructure in Mo i Rana, Norway, known as Giga Arctic.

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FREYR Battery stock is now 42.58% up from its year-to-date (YTD) trading value. FREY Stock saw the intraday high of $16.24 and lowest of $15.4101 per share. The company’s 52-week high price is 16.57, which means current price is +148.29% above from all time high which was touched on 09/22/22.

Compared to the average trading volume of 2.51M shares, FREY reached a trading volume of 2986401 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 $21.00 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 1.30 The Price to Book ratio for the last quarter was 3.63, with the Price to Cash per share for the same quarter was set at 4.31.

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 8.66. With this latest performance, FREY shares gained by 29.70% in over the last four-week period, additionally plugging by 28.96% over the last 6 months – not to mention a rise of 66.04% 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 62.33, with the RSI for the last a single of trading hit 64.10, and the three-weeks RSI is set at 61.66 for FREYR Battery [FREY]. The present Moving Average for the last 50 days of trading for this stock 12.50, while it was recorded at 14.92 for the last single week of trading, and 10.00 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 $1,040 million, or 49.30% 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 $183.31 million in FREY stocks shares; and SPRING CREEK CAPITAL LLC, currently with $183.31 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 November and at the time of the November reporting period, where 58 institutional holders increased their position in FREYR Battery [NYSE:FREY] by around 14,181,317 shares. Additionally, 55 investors decreased positions by around 12,248,827 shares, while 16 investors held positions by with 38,837,587 shares. The mentioned changes placed institutional holdings at 65,267,731 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 20 institutional investors sold positions of 2,418,886 shares during the same period.


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