What's Going On With FuelCell Energy Stock Today?

FuelCell Energy, Inc. FCEL shares are trading higher Monday, and the stock is up more than 12% over the past five days.

The Details:

Last week, FuelCell announced Gyeonggi Green Energy Co., Ltd. has agreed to purchase 42 1.4-megawatt upgraded carbonate fuel cell modules from FuelCell Energy to replace existing fuel cell modules at the Hwaseong Baran Industrial Complex fuel cell power platform, the world’s largest fuel cell power platform. 

The agreement includes a new seven-year service agreement pursuant to which FuelCell Energy will service the fuel cell modules, and the company expects to receive approximately $160 million of revenue over the term of the agreement.

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According to data from Benzinga Pro, 22.63% of available shares are being sold short which can contribute to large price movements when combined with heavy trading volume. 

FuelCell Energy is set to report its second-quarter financial results before the market open on June 10 and will host a conference call to discuss the results at 10:00 a.m. ET the same day. According to estimates from Benzinga Pro, analysts expect the company to report losses of 8 cents per share and quarterly revenue of $21.351 million.

FCEL Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of FuelCell Energy have an average 1-year price target of $1.75, representing an expected upside of 79.4%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. The street high price target from B. Riley Securities is $2, while the street low from Canaccord Genuity is $1.50.

FCEL Price Action: According to Benzinga Pro, FuelCell shares are up 7.91% at 96 cents at the time of publication Monday.

Image: Pete Linforth from Pixabay