FuelCell Energy (NASDAQ:FCEL) Price Target Raised to $8.00 at Wells Fargo & Company

FuelCell Energy (NASDAQ:FCEL) had its price target lifted by equities research analysts at Wells Fargo & Company from $6.00 to $8.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 54.29% from the stock’s current price.

Several other analysts also recently commented on the stock. TD Cowen reiterated a “hold” rating and issued a $16.00 target price (up from $9.00) on shares of FuelCell Energy in a report on Tuesday, June 9th. Weiss Ratings upgraded FuelCell Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 20th. KeyCorp reissued a “sector weight” rating on shares of FuelCell Energy in a report on Tuesday, June 9th. Wall Street Zen lowered shares of FuelCell Energy from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Jefferies Financial Group increased their price target on shares of FuelCell Energy from $7.20 to $16.00 and gave the company a “hold” rating in a research report on Wednesday, June 10th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $15.04.

FuelCell Energy Stock Performance

Shares of FCEL stock opened at $17.50 on Tuesday. The firm has a 50-day moving average of $15.16 and a 200-day moving average of $10.37. The company has a market cap of $1.18 billion, a P/E ratio of -2.66 and a beta of 2.42. The company has a debt-to-equity ratio of 0.18, a current ratio of 8.59 and a quick ratio of 7.20. FuelCell Energy has a one year low of $3.78 and a one year high of $27.69.

FuelCell Energy (NASDAQ:FCEL) last announced its earnings results on Monday, June 8th. The energy company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.01). The firm had revenue of $35.59 million during the quarter, compared to analysts’ expectations of $40.47 million. FuelCell Energy had a negative net margin of 132.41% and a negative return on equity of 15.90%. During the same quarter in the prior year, the company earned ($1.79) EPS. Equities research analysts forecast that FuelCell Energy will post -1.84 EPS for the current fiscal year.

Hedge Funds Weigh In On FuelCell Energy

Several institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc bought a new position in FuelCell Energy during the fourth quarter valued at about $21,149,000. Invesco Ltd. boosted its position in FuelCell Energy by 75.4% during the fourth 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 during the period. CenterBook Partners LP bought a new position in FuelCell Energy during the fourth quarter worth about $9,348,000. Renaissance Technologies LLC boosted its position in FuelCell Energy by 14.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,219,600 shares of the energy company’s stock worth $8,915,000 after purchasing an additional 150,600 shares during the period. Finally, Vanguard Group Inc. boosted its position in FuelCell Energy by 2.3% during the third quarter. Vanguard Group Inc. now owns 1,073,609 shares of the energy company’s stock worth $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.