FuelCell Energy (NASDAQ:FCEL) Trading 7% Higher – Here’s What Happened

Shares of FuelCell Energy, Inc. (NASDAQ:FCEL) shot up 7% on Friday . The company traded as high as $19.79 and last traded at $19.65. 1,753,728 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 7,096,241 shares. The stock had previously closed at $18.36.

Analyst Ratings Changes

FCEL has been the subject of several analyst reports. TD Cowen reiterated a “hold” rating and set a $16.00 price objective (up from $9.00) on shares of FuelCell Energy in a research report on Tuesday, June 9th. 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. B. Riley Financial raised FuelCell Energy from a “neutral” rating to a “buy” rating and increased their price target for the stock from $13.00 to $32.00 in a research note on Monday, June 29th. Wall Street Zen lowered FuelCell Energy from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. Finally, Canaccord Genuity Group lifted their price objective on shares of FuelCell Energy from $12.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $22.83.

FuelCell Energy Stock Up 5.5%

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’s fifty day simple moving average is $22.22 and its two-hundred day simple moving average is $15.19. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -2.95 and a beta of 2.37.

FuelCell Energy (NASDAQ:FCEL) last posted 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). The company had revenue of $35.59 million during 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 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 year.

Insider Activity

In other news, EVP Shankar Achanta sold 2,500 shares of the firm’s 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 completion of the sale, the executive vice president owned 2,618 shares of the company’s stock, valued at $75,162.78. This trade represents a 48.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 5.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On FuelCell Energy

A number of large investors have recently made changes to their positions in FCEL. Hollencrest Capital Management bought a new position in FuelCell Energy in the second quarter valued at approximately $90,000. Kestra Advisory Services LLC bought a new stake in shares of FuelCell Energy during the 4th quarter worth $29,000. Bank of America Corp DE boosted its stake in FuelCell Energy by 31.9% in the second quarter. Bank of America Corp DE now owns 18,351 shares of the energy company’s stock valued at $103,000 after buying an additional 4,435 shares in the last quarter. Rhumbline Advisers raised its stake in FuelCell Energy by 21.1% during the first quarter. Rhumbline Advisers now owns 32,012 shares of the energy company’s stock worth $147,000 after acquiring an additional 5,585 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of FuelCell Energy by 1,316.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,618 shares of the energy company’s stock valued at $59,000 after purchasing an additional 7,080 shares in 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.