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

FREYR Battery [NYSE: FREY] stock went on a downward path that fall over -3.65% on Tuesday, amounting to a one-week price decrease of less than -14.34%. The company report on December 7, 2022 that FREYR Battery Strengthens Presence in Finland with New Executive Hire.

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FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced the appointment of Tor Stendahl as Managing Director for FREYR Battery Finland Oy.

This press release features multimedia. View the full release here:

Over the last 12 months, FREY stock dropped by -14.41%. The one-year FREYR Battery stock forecast points to a potential upside of 56.48. The average equity rating for FREY stock is currently 1.90, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $1.38 billion, with 116.70 million shares outstanding and 113.60 million shares in the current float. Compared to the average trading volume of 3.30M shares, FREY stock reached a trading volume of 4833708 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $21.83 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 1.90. 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.

Cowen have made an estimate for FREYR Battery shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on October 31, 2022. While these analysts kept the previous recommendation, Goldman raised their target price from $11 to $19. The new note on the price target was released on August 25, 2022, representing the official price target for FREYR Battery stock. Previously, the target price had yet another raise to $8, while Goldman analysts kept a Neutral rating on FREY stock.

The Average True Range (ATR) for FREYR Battery is set at 0.80 The Price to Book ratio for the last quarter was 2.70, with the Price to Cash per share for the same quarter was set at 2.86.

FREY Stock Performance Analysis:

FREYR Battery [FREY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.34. With this latest performance, FREY shares dropped by -30.91% in over the last four-week period, additionally plugging by 37.28% over the last 6 months – not to mention a drop of -14.41% 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 28.58, with the RSI for the last a single of trading hit 21.64, and the three-weeks RSI is set at 33.82 for FREYR Battery [FREY]. The present Moving Average for the last 50 days of trading for this stock 12.74, while it was recorded at 10.39 for the last single week of trading, and 10.85 for the last 200 days.

Insight into FREYR Battery 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 9.30 and a Current Ratio set at 9.30.

FREYR Battery [FREY] Insider Position Details

There are presently around $639 million, or 43.20% of FREY stock, in the hands of institutional investors. The top three institutional holders of FREY stocks are: SYLEBRA CAPITAL LTD with ownership of 12,803,449, which is approximately 2.507% of the company’s market cap and around 18.68% of the total institutional ownership; KIM, LLC, holding 11,500,000 shares of the stock with an approximate value of $109.25 million in FREY stocks shares; and SPRING CREEK CAPITAL LLC, currently with $109.25 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 73 institutional holders increased their position in FREYR Battery [NYSE:FREY] by around 8,041,938 shares. Additionally, 56 investors decreased positions by around 6,011,181 shares, while 15 investors held positions by with 53,212,169 shares. The mentioned changes placed institutional holdings at 67,265,288 shares, according to the latest SEC report filing. FREY stock had 35 new institutional investments in for a total of 5,915,496 shares, while 18 institutional investors sold positions of 1,123,994 shares during the same period.


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