Oppenheimer Begins Coverage on FuelCell Energy (NASDAQ:FCEL)

Key Points

• Oppenheimer initiated coverage of FuelCell Energy with an “outperform” rating and a $24 price target, implying approximately 48.7% upside from the prior close.
• Analyst sentiment remains mixed: six analysts rate the stock a Buy, five a Hold and two a Sell, producing a consensus “Hold” rating and average price target of $21.80.
• FuelCell Energy recently missed quarterly expectations, reporting a loss of $0.64 per share versus the $0.41 consensus estimate and revenue of $33.0 million versus $38.79 million expected.

Research analysts at Oppenheimer initiated coverage on shares of FuelCell Energy (NASDAQ:FCEL - Get Free Report) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set an "outperform" rating and a $24.00 price target on the energy company's stock. Oppenheimer's target price points to a potential upside of 48.70% from the company's previous close.

Several other brokerages have also commented on FCEL. TD Cowen reissued a "hold" rating and issued a $16.00 price target (up from $9.00) on shares of FuelCell Energy in a report on Tuesday, June 9th. B. Riley Financial upgraded shares of FuelCell Energy from a "neutral" rating to a "buy" rating and upped their price target for the stock from $13.00 to $32.00 in a research report on Monday, June 29th. Wall Street Zen lowered shares of FuelCell Energy from a "sell" rating to a "strong sell" rating in a research note on Saturday, September 19th. Jefferies Financial Group reiterated a "buy" rating and issued a $20.00 price objective (down from $24.00) on shares of FuelCell Energy in a report on Thursday, September 3rd. Finally, Citigroup assumed coverage on FuelCell Energy in a research note on Tuesday, September 15th. They set a "neutral" rating and a $19.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $21.80.

FuelCell Energy Price Performance

NASDAQ:FCEL opened at $16.14 on Tuesday. FuelCell Energy has a 52 week low of $5.71 and a 52 week high of $37.88. The company has a quick ratio of 7.77, a current ratio of 8.67 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.29 billion, a PE ratio of -4.71 and a beta of 2.35. The stock's 50-day moving average price is $18.84 and its 200-day moving average price is $16.94.

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

Insider Buying and Selling

In related news, Director Homer Livingston, III acquired 16,404 shares of the stock in a transaction on Monday, September 14th. The shares were bought 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 of the company's stock, valued at approximately $643,342.35. This represents a 62.27% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Shankar Achanta sold 2,500 shares of the company's stock in a transaction on Monday, July 6th. The shares were 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 approximately $75,162.78. The trade was a 48.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FuelCell Energy

A number of hedge funds have recently modified their holdings of the company. Allworth Financial LP raised its stake in FuelCell Energy by 444.4% during the second quarter. Allworth Financial LP now owns 1,301 shares of the energy company's stock worth $47,000 after purchasing an additional 1,062 shares during the period. NewEdge Advisors LLC grew its stake in shares of FuelCell Energy by 301.3% in the 2nd quarter. NewEdge Advisors LLC now owns 1,605 shares of the energy company's stock valued at $58,000 after buying an additional 1,205 shares during the period. Hollencrest Capital Management purchased a new stake in shares of FuelCell Energy in the 2nd quarter valued at approximately $90,000. Integrated Wealth Concepts LLC acquired a new stake in shares of FuelCell Energy during the 2nd quarter worth approximately $120,000. Finally, IPG Investment Advisors LLC acquired a new stake in shares of FuelCell Energy during the 2nd quarter worth approximately $273,000. Hedge funds and other institutional investors own 42.78% of the company's stock.

Key Stories Impacting FuelCell Energy

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

• Neutral Sentiment: Fuel-cell stocks broadly cooled after a sharp recent rally, with weakness in Bloom Energy and Plug Power also weighing on sector sentiment. Bloom Energy, Plug Power and FuelCell Energy sector article

About FuelCell Energy

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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