FREYR Battery Stock Tanks 15% After Morgan Stanley Downgrades

Shares of FREYR Battery (FREY) are slipping over 15% on Wednesday morning after analysts at Morgan Stanley downgraded the stock.

FREY is currently trading at $8.40, down $1.50 or 15.15%, on the NYSE. The stock opened its trading at $10.40 after closing previous day's trading at $9.90. The stock has traded between $6.42 and $16.94 in the past 52-week period.

FREYR Battery was downgraded by analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating. They also lowered price target from $26.00 to $13.00.

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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