FREYR Battery [NYSE: FREY] surged by $0.09 during the normal trading session on Wednesday and reaching a high of $7.647 during the day while it closed the day at $7.58. The company report on March 28, 2023 at 6:00 AM that FREYR Battery Targets Strategic Coalition with Four Major Global Partners.
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced that the Company has entered into discussions on a potential strategic coalition with Glencore Plc (LN: GLEN), Caterpillar Inc. (NYSE: CAT), Siemens AG (GY: SIE), and Nidec Corporation (TSE: 6594) to pursue the scale up of sustainable battery solutions across Europe, North America, and beyond.
Unlock the Hottest Top 10 Penny Stocks Today! Discover Now
Dive into the world of lucrative penny stocks with MarketClub's groundbreaking "Smart Scan" technology! Get an instant snapshot of the top 50 high volume stocks with a clear direction and outstanding liquidity - in other words, the strongest trending. To unlock this exclusive list, simply provide your first name, last name, and email for instant access.
Gain Access to Top 10 Penny Stocks Now!.
FREYR Battery stock has also loss -10.08% of its value over the past 7 days. However, FREY stock has declined by -28.15% in the 3 months of the year. Over the past six months meanwhile, it has lost -43.09% and lost -12.67% year-on date.
The market cap for FREY stock reached $1.07 billion, with 123.51 million shares outstanding and 113.60 million shares in the current float. Compared to the average trading volume of 2.80M shares, FREY reached a trading volume of 2187722 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to 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 $15.86 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.
BofA Securities have made an estimate for FREYR Battery shares, keeping their opinion on the stock as Buy, with their previous recommendation back on February 10, 2023. While these analysts kept the previous recommendation, Morgan Stanley dropped their target price from $26 to $13. The new note on the price target was released on January 25, 2023, representing the official price target for FREYR Battery stock. On August 25, 2022, analysts increased their price target for FREY shares from 11 to 19.
The Average True Range (ATR) for FREYR Battery is set at 0.47 The Price to Book ratio for the last quarter was 1.30, with the Price to Cash per share for the same quarter was set at 3.14.
FREY stock trade performance evaluation
FREYR Battery [FREY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.08. With this latest performance, FREY shares gained by 7.37% in over the last four-week period, additionally sinking by -43.09% over the last 6 months – not to mention a drop of -28.63% 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 43.36, with the RSI for the last a single of trading hit 40.25, and the three-weeks RSI is set at 44.22 for FREYR Battery [FREY]. The present Moving Average for the last 50 days of trading for this stock 8.17, while it was recorded at 7.91 for the last single week of trading, and 10.66 for the last 200 days.
FREYR Battery [FREY]: An insightful look at the core fundamentals
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 Ownership positions
There are presently around $555 million, or 43.20% of FREY stock, in the hands of institutional investors. The top three institutional holders of FREY stocks are: KIM, LLC with ownership of 11,500,000, which is approximately 0% of the company’s market cap and around 17.78% of the total institutional ownership; SYLEBRA CAPITAL LTD, holding 8,273,750 shares of the stock with an approximate value of $62.72 million in FREY stocks shares; and HANDELSBANKEN FONDER AB, currently with $44.02 million in FREY stock with ownership of nearly 5.221% of the company’s market capitalization.
Positions in FREYR Battery stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 112 institutional holders increased their position in FREYR Battery [NYSE:FREY] by around 25,252,607 shares. Additionally, 49 investors decreased positions by around 8,632,051 shares, while 20 investors held positions by with 39,289,396 shares. The mentioned changes placed institutional holdings at 73,174,054 shares, according to the latest SEC report filing. FREY stock had 57 new institutional investments in for a total of 14,244,356 shares, while 23 institutional investors sold positions of 1,483,248 shares during the same period.