FuelCell Energy (NASDAQ:FCEL) Trading 9.9% Higher – Here’s What Happened

FuelCell Energy, Inc. (NASDAQ:FCEL)’s share price shot up 9.9% during trading on Thursday . The stock traded as high as $24.24 and last traded at $24.69. 1,976,599 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 6,830,404 shares. The stock had previously closed at $22.47.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. B. Riley Financial upgraded FuelCell Energy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $13.00 to $32.00 in a report on Monday, June 29th. Wall Street Zen lowered FuelCell Energy from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. UBS Group raised FuelCell Energy from a “neutral” rating to a “buy” rating and lifted their target price for the company from $22.00 to $27.00 in a research note on Tuesday, July 14th. Jefferies Financial Group upgraded FuelCell Energy from a “hold” rating to a “buy” rating and upped their target price for the company from $16.00 to $24.00 in a report on Friday, June 26th. Finally, Wells Fargo & Company increased their price target on shares of FuelCell Energy from $6.00 to $8.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 16th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.83.

FuelCell Energy Price Performance

The company’s 50-day simple moving average is $22.28 and its 200 day simple moving average is $13.49. The company has a market capitalization of $1.70 billion, a P/E ratio of -3.24 and a beta of 2.31. The company has a quick ratio of 7.20, a current ratio of 8.59 and a debt-to-equity ratio of 0.18.

FuelCell Energy (NASDAQ:FCEL) last released its quarterly earnings results on Monday, June 8th. The energy company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($1.05). The business had revenue of $35.59 million for the quarter, compared to the consensus estimate of $40.47 million. FuelCell Energy had a negative net margin of 132.41% and a negative return on equity of 15.90%. During the same quarter in the prior year, the business posted ($1.79) EPS. As a group, sell-side analysts expect that FuelCell Energy, Inc. will post -1.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other FuelCell Energy news, EVP Shankar Achanta sold 2,500 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $28.71, for a total transaction of $71,775.00. Following the transaction, the executive vice president directly owned 2,618 shares in the company, valued at $75,162.78. This trade represents a 48.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FCEL. Doliver Advisors LP bought a new position in shares of FuelCell Energy in the 2nd quarter valued at approximately $360,000. KMG Fiduciary Partners LLC bought a new stake in FuelCell Energy during the second quarter worth approximately $324,000. Optiver Holding B.V. bought a new stake in FuelCell Energy during the first quarter worth approximately $88,000. Bank of America Corp DE grew its holdings in FuelCell Energy by 1,298.3% during the first quarter. Bank of America Corp DE now owns 190,724 shares of the energy company’s stock valued at $1,245,000 after purchasing an additional 177,084 shares during the last quarter. Finally, Amundi grew its holdings in FuelCell Energy by 118.4% during the first quarter. Amundi now owns 50,947 shares of the energy company’s stock valued at $333,000 after purchasing an additional 27,621 shares during the last quarter. Institutional investors and hedge funds 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.