One of the big movers today is FuelCell Energy (NASDAQ:FCEL). Currently, FCEL stock is up 5% as investors weigh a range of bullish factors for the maker of hydrogen fuel cell solutions.
One of the big things driving FCEL stock higher today is the company’s earnings. Today, FuelCell Energy reported its first-quarter earnings for fiscal 2022, which generally came in above analyst expectations. This company brought in $31.8 million in revenue, which more than doubled on a year-over-year (YOY) basis. Additionally, FuelCell’s overall loss narrowed, despite a loss from operations which widened as the company invested heavily in growing its infrastructure.
As green energy continues to remain in focus, particularly in this time of surging energy prices, investors appear to be looking favorably on companies like FuelCell Energy. This fuel-cell maker has made a number of key steps forward that investors seem to like as well. Many of these changes were highlighted in its earnings report. They include increased access to Asian markets, a “reintroduction of product sales” to the company’s revenue mix and deliveries to key clients.
So, let’s dive into where analysts think FCEL stock could be headed next.
3 Analysts Weigh In on FCEL Stock
For reference, FCEL stock currently trades at around $6.70 per share, at the time of writing.
- For starters, B. Riley analyst Christopher Souther reiterated a hold rating on FCEL stock. The analyst lowered his price target to $5 per share from $6 per share.
- Similarly, Praneeth Satish of Wells Fargo lowered his price target to $4 per share from $5. The analyst maintained an “underweight” rating on the stock.
- Finally, JP Morgan analyst Mark Strouse also put a “sell” rating on FCEL stock, with a $5 price target.
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On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
