Fintel reports that on July 18, 2023, Goldman Sachs downgraded their outlook for FREYR Battery (NYSE:FREY) from Buy to Neutral.

Analyst Price Forecast Suggests 46.83% Upside

As of July 6, 2023, the average one-year price target for FREYR Battery is 14.11. The forecasts range from a low of 13.13 to a high of $15.75. The average price target represents an increase of 46.83% from its latest reported closing price of 9.61.

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The projected annual revenue for FREYR Battery is 11MM. The projected annual non-GAAP EPS is -1.60.

What is the Fund Sentiment?

There are 211 funds or institutions reporting positions in FREYR Battery. This is an increase of 10 owner(s) or 4.98% in the last quarter. Average portfolio weight of all funds dedicated to FREY is 0.63%, a decrease of 23.72%. Total shares owned by institutions decreased in the last three months by 16.66% to 64,686K shares. The put/call ratio of FREY is 0.61, indicating a bullish outlook.

What are Other Shareholders Doing?

Kim holds 11,500K shares representing 8.23% ownership of the company. No change in the last quarter.

Encompass Capital Advisors holds 6,606K shares representing 4.73% ownership of the company. In it’s prior filing, the firm reported owning 5,436K shares, representing an increase of 17.70%. The firm increased its portfolio allocation in FREY by 58.45% over the last quarter.

Handelsbanken Fonder AB holds 5,808K shares representing 4.16% ownership of the company. No change in the last quarter.

Southpoint Capital Advisors holds 2,900K shares representing 2.08% ownership of the company. In it’s prior filing, the firm reported owning 2,500K shares, representing an increase of 13.79%. The firm increased its portfolio allocation in FREY by 4.33% over the last quarter.

Electron Capital Partners holds 1,855K shares representing 1.33% ownership of the company. In it’s prior filing, the firm reported owning 4,244K shares, representing a decrease of 128.71%. The firm decreased its portfolio allocation in FREY by 52.57% over the last quarter.

FREYR Battery Background Information
(This description is provided by the company.)

FREYR plans to develop up to 35 GWh of battery cell production capacity in Norway and an additional 8 GWh via joint ventures in Norway and/or the Nordic region by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region.

This article originally appeared on Fintel

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