Encompass Capital Advisors LLC recently announced the acquisition of new stake in FREYR Battery (NYSE:FREY). The institutional investor has increased its shareholding in the Industrials company by 14.93% to 5.44 million shares with purchase of 0.71 million shares. This fresh investment now brings its stake to 3.89% valued currently at $38.43 million. In addition, Electron Capital Partners LLC raised its holdings by 2.2 million to 4.24 million shares. And Candlestick Capital Management LP has lifted its position by 45.83% or 1.1 million shares – to 3.5 million shares.
With over 1.66 million FREYR Battery (FREY) shares trading Monday and a closing price of $7.55 on the day, the dollar volume was approximately $12.57 million. The shares have shown a negative half year performance of -48.25% and its price on 05/22/23 gained nearly 5.01%. Currently, there are 139.71M common shares owned by the public and among those 113.60M shares have been available to trade.
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The top 3 mutual fund holders in FREYR Battery are Handelsbanken Hallbar Energi, BNP Paribas Funds – Energy Transi, and Global X Lithium & Battery Tech E. Handelsbanken Hallbar Energi owns 5.77 million shares of the company’s stock, all valued at over $40.76 million. BNP Paribas Funds – Energy Transi bought 0.54 million shares to see its total holdings expand to 2.72 million shares valued at over $19.23 million and representing 1.95% of the shares outstanding. Global X Lithium & Battery Tech E now owns shares totaling to 1.04% of the shares outstanding.
Shares of FREYR Battery (NYSE: FREY) opened at $7.33, up $0.14 from a prior closing price of $7.19. However, the script later moved the day high at 7.66, up 5.01%. The company’s stock has a 5-day price change of 1.07% and -9.15% over the past three months. FREY shares are trading -13.02% year to date (YTD), with the 12-month market performance down to -8.71% lower. It has a 12-month low price of $6.20 and touched a high of $16.94 over the same period. FREY has an average intraday trading volume of 2.47 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.92%, 0.83%, and -28.10% respectively.
Institutional ownership of FREYR Battery (NYSE: FREY) shares accounts for 43.20% of the company’s 139.71M shares outstanding. Mutual fund holders own 14.62%, while other institutional holders and individual stakeholders account for 34.50% and — respectively.
It has a market capitalization of $1.07B and a beta (3y monthly) value of 0.67. The earnings-per-share (ttm) stands at -$0.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.36% over the week and 5.44% over the month.
Analysts forecast that FREYR Battery (FREY) will achieve an EPS of -$0.29 for the current quarter, -$0.33 for the next quarter and -$1.73 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.41 while analysts give the company a high EPS estimate of -$0.16. Comparatively, EPS for the current quarter was $0.04 a year ago. Earnings per share for the fiscal year are expected to increase by 32.70%, and -36.20% over the next financial year.
