Cowen began coverage on shares of FREYR Battery (NYSE:FREY – Get Rating) in a research note issued to investors on Monday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating on the stock.

Other equities analysts have also issued reports about the company. Credit Suisse Group raised their price target on FREYR Battery to $16.00 in a report on Monday, August 15th. The Goldman Sachs Group raised FREYR Battery from a neutral rating to a buy rating and lifted their price objective for the company from $11.00 to $19.00 in a research note on Wednesday, August 24th. Morgan Stanley set a $26.00 price objective on FREYR Battery and gave the company an overweight rating in a research note on Wednesday, September 21st. Cowen started coverage on FREYR Battery in a research note on Monday. They set an outperform rating for the company. Finally, BTIG Research lifted their price objective on FREYR Battery from $20.00 to $25.00 and gave the company a buy rating in a research note on Thursday, September 1st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $21.50.

FREYR Battery Price Performance

FREYR Battery stock opened at $12.94 on Monday. FREYR Battery has a one year low of $6.42 and a one year high of $16.94. The business has a fifty day moving average price of $13.48 and a 200-day moving average price of $10.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 11.74 and a quick ratio of 11.74. The firm has a market capitalization of $1.51 billion, a P/E ratio of -14.04 and a beta of 0.55.

Institutional Investors Weigh In On FREYR Battery

Several hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in FREYR Battery by 11.8% during the third quarter. Barclays PLC now owns 86,278 shares of the company's stock worth $1,229,000 after purchasing an additional 9,102 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in FREYR Battery by 15.6% during the third quarter. Rockefeller Capital Management L.P. now owns 8,452 shares of the company's stock worth $120,000 after purchasing an additional 1,141 shares during the last quarter. Jennison Associates LLC lifted its stake in FREYR Battery by 1.1% during the third quarter. Jennison Associates LLC now owns 706,555 shares of the company's stock worth $10,061,000 after purchasing an additional 7,862 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in FREYR Battery by 44.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 4,996 shares of the company's stock worth $71,000 after purchasing an additional 1,526 shares during the last quarter. Finally, SCP Investment LP purchased a new position in shares of FREYR Battery in the third quarter worth about $268,000. Institutional investors own 56.29% of the company's stock.

About FREYR Battery

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

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