Fuel Tech (NASDAQ:FTEK) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Fuel Tech's share price has exceeded its 200-day moving average of $1.99, trading as high as $3.59 this week.
• Wall Street Zen upgraded Fuel Tech to a "hold" rating, with a consensus rating of "Buy" and an average target price of $4.00 among analysts.
• The company reported a quarterly revenue of $5.56 million, below the consensus estimate of $6.09 million, while showing a small earnings per share (EPS) beat.

Fuel Tech, Inc. (NASDAQ:FTEK - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.99 and traded as high as $3.59. Fuel Tech shares last traded at $3.52, with a volume of 459,720 shares traded.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Fuel Tech to a "hold" rating in a research note on Saturday, July 5th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $4.00.

Fuel Tech Stock Performance

The firm has a fifty day simple moving average of $2.92 and a 200-day simple moving average of $1.99. The company has a market capitalization of $109.38 million, a PE ratio of -35.20 and a beta of 4.84.

Fuel Tech (NASDAQ:FTEK - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01. Fuel Tech had a negative return on equity of 7.70% and a negative net margin of 12.89%.The company had revenue of $5.56 million for the quarter, compared to the consensus estimate of $6.09 million. As a group, research analysts anticipate that Fuel Tech, Inc. will post -0.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Fuel Tech

A number of institutional investors have recently made changes to their positions in FTEK. Millennium Management LLC increased its holdings in shares of Fuel Tech by 70.1% in the 4th quarter. Millennium Management LLC now owns 58,571 shares of the industrial products company's stock valued at $62,000 after acquiring an additional 24,129 shares during the last quarter. Grace & White Inc. NY increased its holdings in shares of Fuel Tech by 1.7% in the 1st quarter. Grace & White Inc. NY now owns 1,899,149 shares of the industrial products company's stock valued at $1,994,000 after acquiring an additional 31,022 shares during the last quarter. Essex Investment Management Co. LLC increased its holdings in shares of Fuel Tech by 11.8% in 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 acquiring an additional 13,106 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Fuel Tech by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 517,658 shares of the industrial products company's stock valued at $1,305,000 after acquiring an additional 17,766 shares during the last quarter. Finally, Corsair Capital Management L.P. bought a new stake in shares of Fuel Tech in the 2nd quarter valued at approximately $25,000. 20.94% of the stock is currently owned by institutional investors.

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.

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