FREYR Battery Target of Unusually Large Options Trading (NYSE:FREY)

Posted by on Sep 23rd, 2023

FREYR Battery (NYSE:FREY – Get Free Report) saw some unusual options trading activity on Friday. Stock investors purchased 5,161 call options on the stock. This is an increase of approximately 123% compared to the typical daily volume of 2,311 call options.

FREYR Battery Price Performance

FREYR Battery stock opened at $5.11 on Friday. The company’s 50 day simple moving average is $6.99 and its 200 day simple moving average is $7.48. FREYR Battery has a fifty-two week low of $5.00 and a fifty-two week high of $16.94. The firm has a market capitalization of $713.92 million, a price-to-earnings ratio of -5.87 and a beta of 0.80.

FREYR Battery (NYSE:FREY – Get Free Report) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.08. During the same quarter in the prior year, the business posted ($0.25) EPS. As a group, analysts predict that FREYR Battery will post -1.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FREY has been the topic of several recent research reports. Morgan Stanley raised shares of FREYR Battery from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research note on Thursday, June 29th. The Goldman Sachs Group lowered shares of FREYR Battery from a “buy” rating to a “neutral” rating and reduced their target price for the company from $14.00 to $10.00 in a research note on Tuesday, July 18th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.50.

Get Our Latest Research Report on FREYR Battery

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP lifted its stake in FREYR Battery by 653.2% in the second quarter. Quantbot Technologies LP now owns 3,879 shares of the company’s stock valued at $26,000 after buying an additional 3,364 shares in the last quarter. Deutsche Bank AG bought a new position in FREYR Battery in the fourth quarter valued at approximately $30,000. Sandia Investment Management LP bought a new position in FREYR Battery in the fourth quarter valued at approximately $43,000. Royal Bank of Canada lifted its stake in FREYR Battery by 158.6% in the first quarter. Royal Bank of Canada now owns 3,931 shares of the company’s stock valued at $49,000 after buying an additional 2,411 shares in the last quarter. Finally, Arena Investors LP bought a new position in FREYR Battery in the fourth quarter valued at approximately $64,000. Institutional investors own 46.57% of the company’s stock.

About FREYR Battery

(Get Free Report)

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

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