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

Key Points

• Fuel Tech's stock has crossed above its 200-day moving average, reaching a high of $2.90 during trading despite a last trade at $2.89.
• Wall Street analysts have upgraded Fuel Tech to a "hold" rating, with an average target price of $4.00 and one analyst giving it a "Buy" rating.
• Recently, hedge funds have increased their positions in Fuel Tech, indicating growing institutional interest, with Corsair Capital Management buying a new position worth $25,000.

Fuel Tech, Inc. (NASDAQ:FTEK - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.78 and traded as high as $2.90. Fuel Tech shares last traded at $2.89, with a volume of 173,568 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Fuel Tech to a "hold" rating in a research report on Saturday, July 5th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Fuel Tech currently has a consensus rating of "Buy" and a consensus target price of $4.00.

Fuel Tech Price Performance

The company has a market cap of $98.80 million, a PE ratio of -31.80 and a beta of 4.84. The stock has a fifty day moving average price of $2.81 and a 200-day moving average price of $1.84.

Fuel Tech (NASDAQ:FTEK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.03) by $0.01. The business had revenue of $5.56 million for the quarter, compared to the consensus estimate of $6.09 million. Fuel Tech had a negative return on equity of 7.70% and a negative net margin of 12.89%. On average, equities analysts anticipate that Fuel Tech, Inc. will post -0.03 earnings per share for the current year.

Institutional Trading of Fuel Tech

A number of hedge funds have recently made changes to their positions in FTEK. Grace & White Inc. NY grew its position in Fuel Tech by 1.7% during the first quarter. Grace & White Inc. NY now owns 1,899,149 shares of the industrial products company's stock valued at $1,994,000 after purchasing an additional 31,022 shares in the last quarter. Marshall Wace LLP purchased a new stake in Fuel Tech in the 2nd quarter worth approximately $63,000. Millennium Management LLC boosted its stake 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 buying an additional 24,129 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fuel Tech by 3.6% during 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 buying an additional 17,766 shares during the period. Finally, Essex Investment Management Co. LLC grew its holdings 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 acquiring an additional 13,106 shares in the last quarter. 20.94% of the stock is owned by hedge funds and other institutional investors.

About Fuel Tech

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.