Shares of FuelCell Energy (NASDAQ:FCEL) stock are in the green after the company reported its fourth-quarter earnings. Revenue tallied in at $37.1 million, up by 17% year over year (YOY) and beating the analyst estimate of $26.8 million by a significant 38%. Earnings per share (EPS) of a loss of 5 cents also beat the analyst estimate of a loss of 7 cents.
CEO Jason Few commented on the results:
“We continue to make progress towards scaling manufacturing with the goal of delivering our solid oxide fuel cell platform, which can create energy from a number of available energy sources – from renewables, hydrogen, biogas, or natural gas. We have amended our existing lease to more than double the square footage of our Calgary-based manufacturing facility and are continuing our capital investment in equipment needed to complete our first phase of scaling our production capacity.”
Importantly, the battery manufacturer saw a gross profit of $5.2 million during the quarter, compared to a gross loss of $2.9 million a year ago. Still, FuelCell reported a net loss of $21.1 million, which improved from a net loss of $46.1 million YOY. As of Jan. 31, it had $315.2 million in unrestricted cash and cash equivalents, while operating expenses totaled $27.7 million during the quarter.
FuelCell did not provide guidance in its report, although Few is looking forward to the implications of the Inflation Reduction Act (IRA) as a driver of growth moving forward.
5 Investors Betting Big on FCEL Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q4, 247 13F filers disclosed a stake in FCEL, a decline of five filers from the prior quarter. In total, these filers own 182.71 million shares of FuelCell, which increased from 173.69 million shares quarter-over-quarter. Meanwhile, the institutional put/call ratio sits at 0.42, down from 0.54. That’s equivalent to 2.16 million puts and 5.11 million calls, implying a bullish options stance.
With that in mind, let’s take a look at the top shareholders of FCEL:
- BlackRock (NYSE:BLK): 38.34 million shares. BlackRock acquired 114,602 shares during Q4.
- Vanguard: 38.27 million shares. Vanguard acquired 4.03 million shares during Q4.
- State Street (NYSE:STT): 12.83 million shares. State Street acquired 1.97 million shares during Q4.
- D.E. Shaw: 10.07 million shares. D.E. Shaw acquired 1.29 million shares during Q4.
- Geode Capital Management: 7.75 million shares. Geode acquired 482,423 shares during Q4.
On the date of publication, Eddie Pan 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.