FuelCell Energy (NASDAQ:FCEL) Shares Down 5.1% - Here's What Happened

Key Points

• FuelCell Energy shares fell 5.1% to $17.527 during Monday’s trading, with volume down 86% from the average daily level.
• Analyst sentiment remains mixed: the stock carries a consensus “Hold” rating and an average price target of $21.80, ranging from $8 to $32.
• The company recently missed quarterly expectations, reporting a $0.64 loss per share versus a projected $0.41 loss and revenue of $33 million versus the $38.79 million estimate.

Shares of FuelCell Energy, Inc. (NASDAQ:FCEL - Get Free Report) fell 5.1% during mid-day trading on Monday. The company traded as low as $16.88 and last traded at $17.5270. Approximately 997,663 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 6,980,605 shares. The stock had previously closed at $18.47.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays began coverage on shares of FuelCell Energy in a research report on Thursday, September 24th. They set an "equal weight" rating and a $20.00 target price on the stock. Wells Fargo & Company increased their price target on shares of FuelCell Energy from $6.00 to $8.00 and gave the stock an "underweight" rating in a research report on Tuesday, June 16th. Oppenheimer assumed coverage on shares of FuelCell Energy in a research note on Tuesday, September 29th. They set an "outperform" rating and a $24.00 price target for the company. KeyCorp reaffirmed a "sector weight" rating on shares of FuelCell Energy in a report on Tuesday, September 8th. Finally, B. Riley Financial upgraded FuelCell Energy from a "neutral" rating to a "buy" rating and upped their price objective for the company from $13.00 to $32.00 in a research note on Monday, June 29th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $21.80.

FuelCell Energy Stock Performance

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 $1.42 billion, a price-to-earnings ratio of -5.17 and a beta of 2.46. The stock's 50-day simple moving average is $18.43 and its 200 day simple moving average is $17.23.

FuelCell Energy (NASDAQ:FCEL - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The energy company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.23). The firm had revenue of $33.00 million for 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%. Analysts expect that FuelCell Energy, Inc. will post -2.09 earnings per share for the current fiscal year.

Insider Activity

In other FuelCell Energy news, Director Homer Livingston, III purchased 16,404 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $15.05 per share, with a total value of $246,880.20. Following the completion of the acquisition, the director directly owned 42,747 shares of the company's stock, valued at $643,342.35. This represents a 62.27% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FuelCell Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FCEL. State Street Corp grew its stake in shares of FuelCell Energy by 818.0% during the second quarter. State Street Corp now owns 2,143,908 shares of the energy company's stock valued at $77,202,000 after purchasing an additional 1,910,356 shares during the last quarter. CenterBook Partners LP bought a new position in FuelCell Energy in the 4th quarter worth approximately $9,348,000. Baird Financial Group Inc. acquired a new position in FuelCell Energy during the 2nd quarter worth $31,193,000. Dimensional Fund Advisors LP lifted its holdings in FuelCell Energy by 459.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 312,536 shares of the energy company's stock worth $2,040,000 after buying an additional 256,640 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in FuelCell Energy by 1,298.3% in the 1st quarter. Bank of America Corp DE now owns 190,724 shares of the energy company's stock valued at $1,245,000 after buying an additional 177,084 shares during the last quarter. Institutional investors and hedge funds own 42.78% of the company's stock.

FuelCell Energy Company Profile

FuelCell Energy, Inc develops and manufactures fuel cell platforms for distributed power generation, microgrids, and energy storage. Its systems generate electricity electrochemically from fuels such as natural gas, biogas, and hydrogen, with the potential for lower emissions than conventional combustion-based generation.

The company's product portfolio includes carbonate fuel cell platforms, solid oxide fuel cell and electrolysis technologies, and solutions designed for hydrogen production, carbon capture, and long-duration energy storage.

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