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

Key Points

• Fuel Tech's stock price has surpassed its 200-day moving average, reaching a high of $2.89 before closing at $2.81, with a trading volume of 222,966 shares.
• Wall Street analysts upgraded Fuel Tech to a "hold" rating, citing expectations for the company's growth despite recent fluctuations.
• The company reported a quarterly earnings of ($0.02) EPS, slightly beating estimates, but its revenue fell short at $5.56 million compared to the expected $6.09 million.

Fuel Tech, Inc. (NASDAQ:FTEK - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.62 and traded as high as $2.89. Fuel Tech shares last traded at $2.81, with a volume of 222,966 shares traded.

Wall Street Analysts Forecast Growth

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

Fuel Tech Trading Down 1.7%

The firm has a fifty day moving average of $2.60 and a 200 day moving average of $1.62. The company has a market capitalization of $87.31 million, a P/E ratio of -28.10 and a beta of 4.63.

Fuel Tech (NASDAQ:FTEK - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported ($0.02) 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 during the quarter, compared to the consensus estimate of $6.09 million. Sell-side analysts anticipate that Fuel Tech, Inc. will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Fuel Tech

Several institutional investors have recently made changes to their positions in the business. Corsair Capital Management L.P. bought a new position in shares of Fuel Tech in the 2nd quarter worth approximately $25,000. Essex Investment Management Co. LLC lifted its stake 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 worth $130,000 after purchasing an additional 13,106 shares during the period. Geode Capital Management LLC lifted its stake 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 worth $1,305,000 after purchasing an additional 17,766 shares during the period. Millennium Management LLC lifted its stake 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 worth $62,000 after purchasing an additional 24,129 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Fuel Tech in the 2nd quarter worth approximately $63,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.