Barclays Initiates Coverage on FuelCell Energy (NASDAQ:FCEL)

Key Points

• Barclays initiated coverage of FuelCell Energy with an “equal weight” rating and a $20 price target, implying 16.41% upside from the prior close.
• Analyst sentiment remains mixed: five analysts rate the stock Buy, five Hold and two Sell, producing an overall “Hold” consensus and an average target price of $21.56.
• FuelCell Energy reported weaker-than-expected quarterly results, with an adjusted loss of $0.64 per share versus a $0.41 consensus loss and revenue of $33.0 million versus estimates of $38.79 million.

Analysts at Barclays assumed coverage on shares of FuelCell Energy (NASDAQ:FCEL - Get Free Report) in a research note issued on Thursday, Briefing.com reports. The brokerage set an "equal weight" rating and a $20.00 price target on the energy company's stock. Barclays's price objective would suggest a potential upside of 16.41% from the stock's previous close.

FCEL has been the topic of several other reports. KeyCorp reissued a "sector weight" rating on shares of FuelCell Energy in a research report on Tuesday, September 8th. TD Cowen reissued a "hold" rating and set a $16.00 target price (up from $9.00) on shares of FuelCell Energy in a research report on Tuesday, June 9th. Weiss Ratings restated a "sell (d-)" rating on shares of FuelCell Energy in a research report on Monday, August 17th. Jefferies Financial Group reissued a "buy" rating and issued a $20.00 target price (down from $24.00) on shares of FuelCell Energy in a research note on Thursday, September 3rd. Finally, Wells Fargo & Company lifted their price objective on shares of FuelCell Energy from $6.00 to $8.00 and gave the stock an "underweight" rating in a research note on Tuesday, June 16th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, FuelCell Energy has an average rating of "Hold" and an average target price of $21.56.

FuelCell Energy Stock Performance

Shares of FCEL stock opened at $17.18 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 7.77 and a current ratio of 8.67. FuelCell Energy has a one year low of $5.71 and a one year high of $37.88. The company's 50-day simple moving average is $18.97 and its 200-day simple moving average is $16.75. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -5.01 and a beta of 2.35.

FuelCell Energy (NASDAQ:FCEL - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The energy company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.23). FuelCell Energy had a negative net margin of 113.60% and a negative return on equity of 16.85%. The firm had revenue of $33.00 million during the quarter, compared to analyst estimates of $38.79 million. Equities analysts anticipate that FuelCell Energy will post -2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Homer Livingston, III bought 16,404 shares of the firm's stock in a transaction on Monday, September 14th. The shares were purchased at an average price of $15.05 per share, with a total value of $246,880.20. Following the completion of the purchase, the director owned 42,747 shares in the company, valued at $643,342.35. This represents a 62.27% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Shankar Achanta sold 2,500 shares of the company's stock in a transaction dated 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 transaction, the executive vice president directly owned 2,618 shares of the company's stock, valued at approximately $75,162.78. The trade was a 48.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 5.46% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in FuelCell Energy by 818.0% during the second quarter. State Street Corp now owns 2,143,908 shares of the energy company's stock worth $77,202,000 after buying an additional 1,910,356 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in FuelCell Energy during the second quarter valued at about $510,000. Tidal Investments LLC increased its stake in shares of FuelCell Energy by 61.1% during the 2nd quarter. Tidal Investments LLC now owns 244,049 shares of the energy company's stock worth $8,788,000 after purchasing an additional 92,572 shares during the last quarter. IPG Investment Advisors LLC bought a new stake in shares of FuelCell Energy in the second quarter valued at $273,000. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of FuelCell Energy in the second quarter valued at approximately $120,000. 42.78% of the stock is owned by institutional investors and hedge funds.

FuelCell Energy Company Profile

FuelCell Energy, Inc is a clean energy technology company that develops, manufactures, operates and services stationary fuel cell power platforms. Its systems generate electricity through an electrochemical process, producing power with low emissions and without combustion. The company serves utilities, commercial and industrial customers, municipalities, universities and other organizations seeking distributed and resilient energy solutions.

The company's offerings include its SureSource fuel cell platforms, which can be configured for applications such as on-site power generation, microgrids, combined heat and power, and grid-support services.

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