T1 Energy Inc. (NYSE:TE) is one of the 10 Stocks With Stunning Double-Digit Gains.
T1 Energy surged by 42.5 percent week-on-week, with the rally primarily driven by a combination of optimistic analyst ratings and bargain-hunting after a sell-off triggered by a short-seller report.
Earlier in the week, short seller Fuzzy Panda released a report about T1 Energy Inc. (NYSE:TE), claiming that the company was not compliant with the foreign entity of concern (FEOC) regulations and thus not eligible for tax credits from the US government.
A production line equipment assembling solar modules. Photo from T1 Energy
The report said that T1 Energy Inc.’s (NYSE:TE) sale of intellectual property to Singaporean firm Evervolt was designed to achieve FEOC compliance, but that the latter had undisclosed connections with Chinese solar firm Trina Solar.
Fuzzy Panda claimed that Evervolt, owned by Tan Chin Piaw, has maintained business relationships with Trina Solar for more than 15 years, and that 99 percent of its revenues came from the latter.
However, investment firm Roth Capital backed the company, recommending investors to take the intra-week fall as an opportunity to load up on its shares.
It said that T1 Energy Inc. (NYSE:TE) is a “model for what the Trump administration may want in a domestic manufacturer that is transferring advanced technology and capacity to the US.”
In other news, the solar firm reported wider net losses attributable to shareholders in the first quarter of the year, by 25 percent to $21.4 million from $17.1 million in the same period last year. It also incurred $241,000 in revenues during the period, versus none year-on-year.
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