Why Is FuelCell Energy Stock Tanking?

FuelCell Energy, Inc. FCEL shares are trading lower Tuesday after the company announced a special stockholder meeting to consider and vote on a proposal to authorize a reverse stock split. 

The Details:

FuelCell will hold the stockholder meeting to vote on the reverse stock split on Oct. 31, 2024 with stockholders of record as of the close of business on Sept. 10 entitled to receive notice of and to vote at the special meeting. 

The company did not disclose a specific ratio or range for the proposed reverse stock split, but said further details will be available in a proxy statement to be filed at a later date.

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FuelCell shares are down more than 70% year-to-date and 25.68% of shares are being sold short, according to data from Benzinga Pro.

Will FCEL Stock Go Up?

When trying to assess whether or not FuelCell Energy will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street has an average 12-month price target of $0.50 on FuelCell Energy with a neutral rating from one analyst.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering FuelCell Energy have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. FuelCell Energy is 72.07% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about FuelCell Energy, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

FCEL Price Action: According to Benzinga Pro, FuelCell Energy shares are down 18.4% at 42 cents at the time of publication Tuesday.

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