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Why Freyr Battery Is Tumbling 15% This Week

TheMotleyFool

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Why Freyr Battery Is Tumbling 15% This Week: https://g.foolcdn.com/editorial/images/718258/ev-charging-station-woman-getty.jpeg

Shares of Freyr Battery (NYSE: FREY) are tumbling 15.1% from where they closed last Friday, according to data provided by S&P Global Market Intelligence. The stock started the week off on a high note with shares rising from their Friday close, but then turned south on Tuesday and continued heading lower from there.

On Wednesday, Morgan Stanley (NYSE: MS) analyst Adam Jonas downgraded the stock to equal weight from overweight while also slashing his price target for the electric car battery maker in half. Jonas cut his one-year price target to $13 per share from $26 per share.

Image source: Getty Images.

Source Fool.com

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