FuelCell Energy (NASDAQ:FCEL) Stock Price Down 8.7% – Here’s What Happened

FuelCell Energy, Inc. (NASDAQ:FCEL)’s share price dropped 8.7% during mid-day trading on Wednesday . The stock traded as low as $19.64 and last traded at $19.8130. Approximately 1,744,984 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 7,039,409 shares. The stock had previously closed at $21.70.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FCEL shares. UBS Group upgraded shares of FuelCell Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $22.00 to $27.00 in a research report on Tuesday, July 14th. Wells Fargo & Company boosted their target price on shares of FuelCell Energy from $6.00 to $8.00 and gave the stock an “underweight” rating in a report on Tuesday, June 16th. KeyCorp reaffirmed a “sector weight” rating on shares of FuelCell Energy in a research note on Tuesday, June 9th. Wall Street Zen downgraded shares of FuelCell Energy from a “hold” rating to a “sell” rating in a research note on Sunday, August 9th. Finally, Jefferies Financial Group upgraded shares of FuelCell Energy from a “hold” rating to a “buy” rating and lifted their price target for the stock from $16.00 to $24.00 in a report on Friday, June 26th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, FuelCell Energy has a consensus rating of “Hold” and an average target price of $22.83.

FuelCell Energy Stock Down 9.6%

The company has a market cap of $1.47 billion, a price-to-earnings ratio of -2.79 and a beta of 2.37. The stock’s 50-day moving average is $22.22 and its 200-day moving average is $15.19. The company has a current ratio of 8.59, a quick ratio of 7.20 and a debt-to-equity ratio of 0.18.

FuelCell Energy (NASDAQ:FCEL) last posted its quarterly earnings results on Monday, June 8th. The energy company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($1.05). FuelCell Energy had a negative return on equity of 15.90% and a negative net margin of 132.41%.The company had revenue of $35.59 million during the quarter, compared to analyst estimates of $40.47 million. During the same quarter in the previous year, the business posted ($1.79) earnings per share. On average, analysts anticipate that FuelCell Energy, Inc. will post -1.73 earnings per share for the current fiscal year.

Insider Activity at FuelCell Energy

In other news, EVP Shankar Achanta sold 2,500 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $28.71, for a total value of $71,775.00. Following the completion of the sale, the executive vice president directly owned 2,618 shares in the company, valued at $75,162.78. This trade represents a 48.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 5.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new stake in shares of FuelCell Energy during the fourth quarter valued at approximately $21,149,000. Invesco Ltd. lifted its holdings in shares of FuelCell Energy by 75.4% in the 4th quarter. Invesco Ltd. now owns 1,505,430 shares of the energy company’s stock worth $11,005,000 after purchasing an additional 647,151 shares in the last quarter. CenterBook Partners LP bought a new position in shares of FuelCell Energy in the 4th quarter worth $9,348,000. Renaissance Technologies LLC grew its position in FuelCell Energy by 14.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,219,600 shares of the energy company’s stock valued at $8,915,000 after purchasing an additional 150,600 shares during the period. Finally, Vanguard Group Inc. grew its position in FuelCell Energy by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,073,609 shares of the energy company’s stock valued at $8,374,000 after purchasing an additional 23,981 shares during the period. Institutional investors own 42.78% of the company’s stock.

About FuelCell Energy

FuelCell Energy, Inc (NASDAQ: FCEL) is a publicly traded company that designs, manufactures and operates turnkey molten carbonate fuel cell power plants. These stationary, on-site energy solutions generate electricity and heat through an electrochemical process that combines natural gas or biogas with oxygen, producing power with lower greenhouse gas emissions than traditional fossil fuel-based generation. The company’s fuel cell technology is engineered for continuous, baseload operation and can be integrated into microgrid architectures and industrial power systems to provide reliable, around-the-clock energy.

The company’s core product suite, marketed under the SureSource brand, encompasses both power generation and integrated carbon capture or hydrogen production capabilities.