FREY - Why Freyr Battery Stock Is Powering Down This Week
2023-07-21 16:35:00 ET
While shares of Freyr Battery (NYSE: FREY) charged higher to start the week, any momentum that investors hoped the stock would carry into Tuesday came to a halt when an analyst shared a bearish outlook on the electric vehicle (EV) battery stock. Since then, shares have continued to slide although they're bouncing back slightly today.
Since the end of last Friday's trading session, shares of Freyr are down 11.1% as of 2:28 p.m. ET today, according to data provided by S&P Global Market Intelligence .
Taking a more skeptical approach to the prospects of Freyr's stock, Philipp Koenig, an analyst at Goldman Sachs , cut his price target to $10 from $14 on Tuesday, downgrading the stock to neutral from buy. Based on the stock's closing price of $9.61 on Monday, Koenig's price target implies upside of 4%. According to Thefly.com , Koenig predicates the price target and downgrade on the belief that there will be a glut of battery supply in 2025, the year when Freyr expects to commence operations at its gigafactories.
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Why Freyr Battery Stock Is Powering Down This Week