FuelCell Energy Inc. [FCEL] stock Initiated by Wells Fargo analyst, price target now $9

FuelCell Energy Inc. [NASDAQ: FCEL] loss -4.33% on the last trading session, reaching $6.40 price per share at the time. The company report on July 14, 2021 that FuelCell Energy Applauds the Signing of House Bill 6524 in Connecticut.

FuelCell Energy, Inc. (Nasdaq: FCEL) — a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy — applauds Governor Ned Lamont on the signing of Connecticut House Bill 6524, An Act Concerning the Solicitation of New Fuel Cell Electricity Generation Projects. The bill requires the Connecticut utilities to solicit proposals to acquire new fuel cell electricity generation projects that begin on or after July 1, 2021. Projects submitted under this mandate will be approved by January 1, 2022. The evaluation used in the proposal selection process will be based on both enhancing distribution energy system reliability and security, as well as support of microgrids to ensure critical resources continue to operate during power disruptions. House Bill 6524 provides preference for projects that are sited on brownfields as Connecticut demonstrates its commitment to energy equity and for fuel cells that are manufactured in Connecticut. The energy transition, and the forecasted importance of distributed hydrogen, positions Connecticut to continue as a global leader in clean technology essential in achieving global sustainability objectives through fuel cell deployment.

“We believe this bi-partisan bill is a smart investment for Connecticut’s electrical grid, environment, and economy, providing Connecticut the opportunity to play a leading role in the energy transition,” said Jason Few, President and Chief Executive Officer, FuelCell Energy, Inc. “Again, we thank Governor Lamont and the Connecticut House of Representatives for this important energy transition legislation.”.

FuelCell Energy Inc. represents 322.50 million in outstanding shares, while the company has a total market value of $2.16 billion with the latest information. FCEL stock price has been found in the range of $6.29 to $6.71.

If compared to the average trading volume of 21.03M shares, FCEL reached a trading volume of 12411736 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about FuelCell Energy Inc. [FCEL]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FCEL shares is $9.31 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FCEL stock is a recommendation set at 3.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wells Fargo have made an estimate for FuelCell Energy Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on April 20, 2021. While these analysts kept the previous recommendation, B. Riley Securities raised their target price to Neutral. The new note on the price target was released on April 16, 2021, representing the official price target for FuelCell Energy Inc. stock.

The Average True Range (ATR) for FuelCell Energy Inc. is set at 0.50, with the Price to Sales ratio for FCEL stock in the period of the last 12 months amounting to 33.40. The Price to Book ratio for the last quarter was 6.67, with the Price to Cash per share for the same quarter was set at 0.41.

Trading performance analysis for FCEL stock

FuelCell Energy Inc. [FCEL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.29. With this latest performance, FCEL shares dropped by -32.35% in over the last four-week period, additionally sinking by -64.70% over the last 6 months – not to mention a rise of 142.42% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FCEL stock in for the last two-week period is set at 28.97, with the RSI for the last a single of trading hit 23.94, and the three-weeks RSI is set at 33.60 for FuelCell Energy Inc. [FCEL]. The present Moving Average for the last 50 days of trading for this stock 8.74, while it was recorded at 6.69 for the last single week of trading, and 10.81 for the last 200 days.

FuelCell Energy Inc. [FCEL]: A deeper dive into fundamental analysis

FuelCell Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.30 and a Current Ratio set at 4.40.

FuelCell Energy Inc. [FCEL]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for FCEL. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for FuelCell Energy Inc. go to 15.00%.

An analysis of insider ownership at FuelCell Energy Inc. [FCEL]

There are presently around $703 million, or 37.50% of FCEL stock, in the hands of institutional investors. The top three institutional holders of FCEL stocks are: BLACKROCK INC. with ownership of 23,835,497, which is approximately 12.468% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 21,888,968 shares of the stock with an approximate value of $140.09 million in FCEL stocks shares; and STATE STREET CORP, currently with $51.3 million in FCEL stock with ownership of nearly 16.649% of the company’s market capitalization.

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161 institutional holders increased their position in FuelCell Energy Inc. [NASDAQ:FCEL] by around 26,857,096 shares. Additionally, 99 investors decreased positions by around 15,128,134 shares, while 29 investors held positions by with 67,809,108 shares. The mentioned changes placed institutional holdings at 109,794,338 shares, according to the latest SEC report filing. FCEL stock had 83 new institutional investments in for a total of 5,010,208 shares, while 42 institutional investors sold positions of 1,851,644 shares during the same period.

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