FuelCell Energy (NASDAQ:FCEL) Shares Gap Up – Here’s Why

FuelCell Energy, Inc. (NASDAQ:FCEL)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $19.83, but opened at $20.78. FuelCell Energy shares last traded at $20.0920, with a volume of 1,355,372 shares.

Analysts Set New Price Targets

Several analysts recently commented on FCEL shares. Wells Fargo & Company raised their target price on FuelCell Energy from $6.00 to $8.00 and gave the stock an “underweight” rating in a report on Tuesday, June 16th. Jefferies Financial Group raised shares of FuelCell Energy from a “hold” rating to a “buy” rating and raised their price target for the company from $16.00 to $24.00 in a research note on Friday, June 26th. TD Cowen reiterated a “hold” rating and set a $16.00 price target (up from $9.00) on shares of FuelCell Energy in a research report on Tuesday, June 9th. Wall Street Zen cut FuelCell Energy from a “hold” rating to a “sell” rating in a report on Sunday. Finally, KeyCorp restated a “sector weight” rating on shares of FuelCell Energy in a report on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.83.

FuelCell Energy Stock Performance

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 company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -2.97 and a beta of 2.38. The firm has a 50-day simple moving average of $21.94 and a two-hundred day simple moving average of $14.54.

FuelCell Energy (NASDAQ:FCEL) last issued its quarterly 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 ($1.05). FuelCell Energy had a negative return on equity of 15.90% and a negative net margin of 132.41%.The business had revenue of $35.59 million for the quarter, compared to analyst estimates of $40.47 million. During the same period in the prior year, the company posted ($1.79) EPS. On average, sell-side analysts anticipate that FuelCell Energy, Inc. will post -1.73 EPS for the current fiscal year.

Insider Activity at FuelCell Energy

In related news, EVP Shankar Achanta sold 2,500 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $28.71, for a total value of $71,775.00. Following the transaction, the executive vice president owned 2,618 shares of the company’s stock, valued at $75,162.78. This represents a 48.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 5.46% of the company’s stock.

Institutional Trading of FuelCell Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCEL. Legal & General Group Plc acquired a new position in FuelCell Energy in the fourth quarter valued at $21,149,000. Invesco Ltd. increased its stake in FuelCell Energy by 75.4% in the fourth quarter. Invesco Ltd. now owns 1,505,430 shares of the energy company’s stock valued at $11,005,000 after purchasing an additional 647,151 shares during the period. CenterBook Partners LP purchased a new stake in shares of FuelCell Energy in the fourth quarter valued at about $9,348,000. Renaissance Technologies LLC raised its holdings in FuelCell Energy by 14.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,219,600 shares of the energy company’s stock worth $8,915,000 after purchasing an additional 150,600 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in FuelCell Energy by 2.3% in the third quarter. Vanguard Group Inc. now owns 1,073,609 shares of the energy company’s stock worth $8,374,000 after acquiring an additional 23,981 shares in the last quarter. Institutional investors and hedge funds own 42.78% of the company’s stock.

FuelCell Energy Company Profile

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.