FuelCell Energy (NASDAQ:FCEL) Stock Price Down 12.2% – Here’s What Happened

FuelCell Energy, Inc. (NASDAQ:FCEL)’s share price dropped 12.2% on Monday . The stock traded as low as $18.45 and last traded at $18.7640. Approximately 3,523,850 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 3,824,102 shares. The stock had previously closed at $21.36.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FCEL. Wells Fargo & Company lowered their price objective on FuelCell Energy from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday, March 10th. Weiss Ratings cut FuelCell Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 6th. Jefferies Financial Group set a $7.20 price target on FuelCell Energy and gave the company a “hold” rating in a report on Tuesday, March 10th. Finally, Wall Street Zen downgraded FuelCell Energy from a “hold” rating to a “sell” rating in a report on Friday, January 23rd. Seven equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $8.24.

FuelCell Energy Stock Performance

The company has a market capitalization of $910.80 million, a PE ratio of -2.47 and a beta of 2.22. The business’s fifty day moving average is $9.38 and its two-hundred day moving average is $8.40. The company has a current ratio of 7.96, a quick ratio of 6.51 and a debt-to-equity ratio of 0.19.

FuelCell Energy (NASDAQ:FCEL) last announced its quarterly earnings data on Monday, March 9th. The energy company reported ($0.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.16. FuelCell Energy had a negative net margin of 107.51% and a negative return on equity of 17.76%. The company had revenue of $30.53 million during the quarter, compared to analyst estimates of $42.22 million. Equities research analysts predict that FuelCell Energy, Inc. will post -2.18 earnings per share for the current year.

Hedge Funds Weigh In On FuelCell Energy

A number of hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC purchased a new position in FuelCell Energy in the 4th quarter worth approximately $29,000. Bank of America Corp DE raised its holdings in FuelCell Energy by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 18,351 shares of the energy company’s stock worth $103,000 after acquiring an additional 4,435 shares during the last quarter. Rhumbline Advisers raised its holdings in FuelCell Energy by 21.1% in the 1st quarter. Rhumbline Advisers now owns 32,012 shares of the energy company’s stock worth $147,000 after acquiring an additional 5,585 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in FuelCell Energy by 1,316.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,618 shares of the energy company’s stock worth $59,000 after acquiring an additional 7,080 shares during the last quarter. Finally, Entropy Technologies LP raised its holdings in FuelCell Energy by 28.6% in the 1st quarter. Entropy Technologies LP now owns 37,519 shares of the energy company’s stock worth $245,000 after acquiring an additional 8,336 shares during the last quarter. 42.78% of the stock is currently owned by hedge funds and other institutional investors.

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.