FREYR Battery (NYSE: FREY): Time To Buy Over The Next Few Months

In the last trading session, 3.71 million FREYR Battery (NYSE:FREY) shares changed hands as the company’s beta touched 0.70. With the company’s per share price at $1.60 changed hands at -$0.06 or -3.61% during last session, the market valuation stood at $223.54M. FREY’s last price was a discount, traded about -856.25% off its 52-week high of $15.30. The share price had its 52-week low at $1.40, which suggests the last value was 12.5% up since then. When we look at FREYR Battery’s average trading volume, we note the 10-day average is 7.42 million shares, with the 3-month average coming to 2.79 million.

Analysts gave the FREYR Battery (FREY) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.62. If we narrow down to specifics, the data shows that 0 out of 8 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 5 recommended FREY as a Hold, 2 felt it is a Buy and 1 rated the stock as Underweight. FREYR Battery’s EPS for the current quarter is expected to be -$0.27.

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FREYR Battery (NYSE:FREY) trade information

Instantly FREY was in red as seen at the end of in last trading. With action 6.67%, the performance over the past five days has been green. The drop to weekly highs of 1.8800 on Friday, 11/17/23 subtracted -3.61% to the stock’s daily price. The company’s shares are showing year-to-date downside of -81.57%, with the 5-day performance at 6.67% in the green. However, in the 30-day time frame, FREYR Battery (NYSE:FREY) is -57.22% down. Looking at the short shares, we see there were 13.5 million shares sold at short interest cover period of 5.73 days.

The consensus price target for the stock as assigned by Wall Street analysts is $8.99, meaning bulls need an upside of 82.2% from its current market value. According to analyst projections, FREY’s forecast low is $1.90 with $20.00 as the target high. To hit the forecast high, the stock’s price needs a -1150.0% plunge from its current level, while the stock would need to soar -18.75% for it to hit the projected low.

FREYR Battery (FREY) estimates and forecasts

Data shows that the FREYR Battery share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -77.75% over the past 6 months, a -7.07% in annual growth rate that is considerably lower than the industry average of -3.80%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for FREYR Battery will fall -235.00%.

Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $120k. 1 analysts are of the opinion that FREYR Battery’s revenue for the quarter ending Mar 2024 will be $1 million.

The 2023 estimates are for FREYR Battery earnings to decrease by -1.85%.

FREY Dividends

FREYR Battery is expected to release its next quarterly earnings report on November 09.

FREYR Battery (NYSE:FREY)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 16.77% of FREYR Battery shares while 46.58% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 55.97%. There are 46.58% institutions holding the FREYR Battery stock share, with Kim, LLC the top institutional holder. As of Jun 29, 2023, the company held 8.23% of the shares, roughly 11.5 million FREY shares worth $107.53 million.

Encompass Capital Advisors, LLC holds the second largest percentage of outstanding shares, with 4.98% or 6.95 million shares worth $64.99 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were Global X Fds-Global X Lithium & Battery Tech ETF and Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF. With 1.31 million shares estimated at $6.39 million under it, the former controlled 0.94% of total outstanding shares. On the other hand, Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF held about 0.90% of the shares, roughly 1.26 million shares worth around $7.83 million.

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