FuelCell Energy, Inc. (NASDAQ:FCEL – Get Free Report) shares were down 15.6% during trading on Thursday. The company traded as low as $9.22 and last traded at $8.8970. Approximately 1,023,807 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 6,996,867 shares. The stock had previously closed at $10.54.
Key Headlines Impacting FuelCell Energy
Here are the key news stories impacting FuelCell Energy this week:
- Negative Sentiment: Fuel-cell shares continued to slide after the U.S. election, with the industry-wide weakness weighing on FCEL. The article notes that a customer deal elsewhere in the sector has not been enough to offset the downturn. Article: FuelCell Energy Plunges, Bloom Energy Sinks
- Negative Sentiment: Multiple law firms are publicizing a securities class action and the November 10 lead-plaintiff deadline. The lawsuit alleges that FuelCell failed to disclose that its output was below the level required under its Fit Energy agreement, which was announced as a deal for up to 380 MW of fuel-cell power. These are allegations, not proven findings, but the litigation adds reputational and legal uncertainty. Article: FuelCell Energy Class Action Reminder
- Negative Sentiment: The selloff also reflects lingering concerns from FuelCell’s September 2 quarterly report: the company reported a larger-than-expected loss and revenue below consensus estimates. Article: FuelCell Energy Plunges, Bloom Energy Sinks
Analysts Set New Price Targets
A number of research analysts have weighed in on FCEL shares. Jefferies Financial Group reiterated a “buy” rating and set a $20.00 price objective (down from $24.00) on shares of FuelCell Energy in a research report on Thursday, September 3rd. KeyCorp reaffirmed a “sector weight” rating on shares of FuelCell Energy in a research report on Tuesday, September 8th. UBS Group raised shares of FuelCell Energy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $22.00 to $27.00 in a report on Tuesday, July 14th. Wall Street Zen cut FuelCell Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. Finally, Barclays began coverage on FuelCell Energy in a research note on Thursday, September 24th. They issued an “equal weight” rating and a $20.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $21.80.
Get Our Latest Analysis on FCEL
FuelCell Energy Stock Performance
The company has a current ratio of 8.67, a quick ratio of 7.77 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $15.42 and its 200-day moving average price is $14.93. The firm has a market cap of $679.73 million, a price-to-earnings ratio of -2.48 and a beta of 2.47.
FuelCell Energy (NASDAQ:FCEL – Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The energy company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.23). FuelCell Energy had a negative return on equity of 16.85% and a negative net margin of 113.60%. The company had revenue of $33.00 million for the quarter, compared to analyst estimates of $38.79 million. Analysts expect that FuelCell Energy, Inc. will post -2.09 earnings per share for the current year.
Insider Activity
In related news, EVP Shankar Achanta sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $18.50, for a total transaction of $46,250.00. Following the transaction, the executive vice president owned 118 shares in the company, valued at $2,183. This trade represents a 95.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Homer Livingston, III purchased 16,404 shares of the business’s stock in a transaction on Monday, September 14th. The shares were purchased at an average cost of $15.05 per share, for a total transaction of $246,880.20. Following the transaction, the director owned 42,747 shares of the company’s stock, valued at $643,342.35. This trade represents a 62.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 5.46% of the company’s stock.
Institutional Investors Weigh In On FuelCell Energy
Large investors have recently modified their holdings of the company. Signaturefd LLC grew its position in shares of FuelCell Energy by 80.4% during the third quarter. Signaturefd LLC now owns 2,318 shares of the energy company’s stock worth $38,000 after acquiring an additional 1,033 shares during the last quarter. Allworth Financial LP boosted its stake in FuelCell Energy by 444.4% during the 2nd quarter. Allworth Financial LP now owns 1,301 shares of the energy company’s stock worth $47,000 after purchasing an additional 1,062 shares during the period. NewEdge Advisors LLC boosted its stake in FuelCell Energy by 301.3% during the 2nd quarter. NewEdge Advisors LLC now owns 1,605 shares of the energy company’s stock worth $58,000 after purchasing an additional 1,205 shares during the period. Optiver Holding B.V. purchased a new position in FuelCell Energy during the 1st quarter worth $88,000. Finally, Hollencrest Capital Management purchased a new position in FuelCell Energy during the 2nd quarter worth $90,000. 42.78% of the stock is owned by institutional investors and hedge funds.
About FuelCell Energy
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