FuelCell Energy (NASDAQ:FCEL) Stock Price Up 9.8% – Time to Buy?

FuelCell Energy, Inc. (NASDAQ:FCEL)’s share price traded up 9.8% on Monday . The company traded as high as $31.10 and last traded at $30.8630. 4,939,358 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 6,250,804 shares. The stock had previously closed at $28.11.

FuelCell Energy News Summary

Here are the key news stories impacting FuelCell Energy this week:

• Neutral Sentiment: FuelCell Energy said it launched an underwritten public offering of common stock and later increased the size to $225 million, with proceeds earmarked for expansion of manufacturing capacity, working capital, and other corporate needs. FuelCell Energy Announces Launch of Offering of Common Stock
• Neutral Sentiment: The company then priced the offering at $21.00 per share for 10.7 million shares, lifting expected gross proceeds from the originally planned $200 million to $225 million. FuelCell Energy Announces Upsize and Pricing of Offering of Common Stock
• Negative Sentiment: Shares are under pressure because the discounted equity raise increases dilution concerns for existing shareholders, which has sparked heavy selling in pre-market and after-hours trading. Why Is FuelCell Energy Stock Sinking Wednesday?
• Negative Sentiment: Market commentary also noted FCEL trading lower alongside other fuel cell and hydrogen names as broader risk-off sentiment and profit-taking hit the group. FuelCell Energy Drops 10%, Bloom Energy Slides 8%, Plug Power Falls 5% Despite Positive News as Profit-Taking Hits Fuel Cell Stocks

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of FuelCell Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 20th. Wall Street Zen lowered FuelCell Energy from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Jefferies Financial Group raised FuelCell Energy from a “hold” rating to a “buy” rating and increased their price objective for the stock from $16.00 to $24.00 in a research note on Friday, June 26th. B. Riley Financial raised FuelCell Energy from a “neutral” rating to a “buy” rating and lifted their target price for the company from $13.00 to $32.00 in a research report on Monday, June 29th. Finally, KeyCorp reiterated a “sector weight” rating on shares of FuelCell Energy in a report on Tuesday, June 9th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, FuelCell Energy has an average rating of “Hold” and an average price target of $22.00.

FuelCell Energy Stock Down 11.0%

The firm has a market capitalization of $1.56 billion, a P/E ratio of -3.39 and a beta of 2.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 7.20 and a current ratio of 8.59. The stock has a 50 day moving average of $20.76 and a 200-day moving average of $12.38.

FuelCell Energy (NASDAQ:FCEL) last posted its earnings results on Monday, June 8th. The energy company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.01). FuelCell Energy had a negative return on equity of 15.90% and a negative net margin of 132.41%.The company had revenue of $35.59 million for the quarter, compared to analysts’ expectations of $40.47 million. During the same quarter in the prior year, the company earned ($1.79) EPS. Research analysts predict that FuelCell Energy, Inc. will post -1.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FuelCell Energy

Institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers grew its position in FuelCell Energy by 21.1% during the first quarter. Rhumbline Advisers now owns 32,012 shares of the energy company’s stock valued at $147,000 after acquiring an additional 5,585 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of FuelCell Energy in the 2nd quarter worth approximately $122,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of FuelCell Energy by 6.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 334,793 shares of the energy company’s stock valued at $1,877,000 after purchasing an additional 19,857 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of FuelCell Energy by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 18,351 shares of the energy company’s stock valued at $103,000 after purchasing an additional 4,435 shares in the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in shares of FuelCell Energy during the 2nd quarter valued at $216,000. Institutional investors own 42.78% of the company’s stock.

About FuelCell Energy

FuelCell Energy, Inc (NASDAQ: FCEL) is a publicly traded company that designs, manufactures and operates turnkey molten carbonate fuel cell power plants. These stationary, on-site energy solutions generate electricity and heat through an electrochemical process that combines natural gas or biogas with oxygen, producing power with lower greenhouse gas emissions than traditional fossil fuel-based generation. The company’s fuel cell technology is engineered for continuous, baseload operation and can be integrated into microgrid architectures and industrial power systems to provide reliable, around-the-clock energy.

The company’s core product suite, marketed under the SureSource brand, encompasses both power generation and integrated carbon capture or hydrogen production capabilities.