Fuel Tech (NASDAQ:FTEK) Share Price Passes Above Two Hundred Day Moving Average - Here's Why

Fuel Tech, Inc. (NASDAQ:FTEK - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.36 and traded as high as $2.70. Fuel Tech shares last traded at $2.69, with a volume of 312,533 shares traded.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Fuel Tech to a "hold" rating in a report on Saturday, July 5th.

Fuel Tech Price Performance

The company has a market capitalization of $86.79 million, a price-to-earnings ratio of -31.33 and a beta of 4.56. The firm's fifty day simple moving average is $2.16 and its 200 day simple moving average is $1.39.

Fuel Tech (NASDAQ:FTEK - Get Free Report) last released its earnings results on Monday, May 12th. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.02). Fuel Tech had a negative return on equity of 6.94% and a negative net margin of 11.16%. The company had revenue of $6.38 million during the quarter, compared to analyst estimates of $6.64 million. Equities research analysts forecast that Fuel Tech, Inc. will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fuel Tech

Several institutional investors and hedge funds have recently bought and sold shares of the business. Essex Investment Management Co. LLC boosted its stake in shares of Fuel Tech by 11.8% during the 1st quarter. Essex Investment Management Co. LLC now owns 124,241 shares of the industrial products company's stock valued at $130,000 after buying an additional 13,106 shares during the period. Grace & White Inc. NY increased its stake in shares of Fuel Tech by 1.7% during the 1st quarter. Grace & White Inc. NY now owns 1,899,149 shares of the industrial products company's stock worth $1,994,000 after purchasing an additional 31,022 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Fuel Tech by 70.1% during the 4th quarter. Millennium Management LLC now owns 58,571 shares of the industrial products company's stock valued at $62,000 after purchasing an additional 24,129 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Fuel Tech in the 4th quarter valued at $27,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Fuel Tech by 15.3% in the 4th quarter. Renaissance Technologies LLC now owns 1,039,609 shares of the industrial products company's stock valued at $1,092,000 after purchasing an additional 138,169 shares during the last quarter. Hedge funds and other institutional investors own 20.94% of the company's stock.

Fuel Tech Company Profile

Fuel Tech, Inc provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. The company operates through Air Pollution Control Technology and FUEL CHEM Technology segments. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources; NOxOUT and HERT selective non-catalytic reduction systems; selective catalytic reduction systems comprising ammonia injection grid, and graduated straightening grid systems; I-NOx systems; ESP Processes and Services; ULTRA technology; and flue gas conditioning systems.