5 Investors Betting Big on FuelCell (FCEL) Stock

  • FuelCell Energy (FCEL) beat on revenue during Q2, although it missed on EPS and reported a lower backlog.
  • BlackRock (BLK) is the largest shareholder of the company, with an ownership of 41.63 million shares.
  • FCEL stock is down by about 13% this year.
FCEL stock - 5 Investors Betting Big on FuelCell (FCEL) Stock

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Shares of FuelCell Energy (NASDAQ:FCEL) stock are down by about 2.3% after the hydrogen energy company reported its second-quarter earnings. For the quarter, revenue tallied in at $38.3 million, up by almost 130% year-over-year (YOY), beating the analyst estimate for $25.5 million by a wide margin. The surge in revenue was primarily attributed to completed new module exchanges at a Korea Southern Power Company plant. A year ago, FuelCell recorded no new module exchanges, while the company expects lower module exchanges for the rest of the fiscal year.

Meanwhile, FuelCell still remains unprofitable, reporting a net loss of $35.1 million and an EPS loss of 9 cents. Analysts were expecting an EPS loss of 8 cents. Loss from operations was $35.9 million compared to a loss of $28.2 million a year ago.

“We continue to advance our testing work under our Joint Development Agreement with EMTEC and gain confidence in our carbon capture technology, and we look forward to the expected future commercialization of our technology, which we believe will demonstrate the ability of our technology to address one of the largest environmental challenges of today,” said CEO Jason Few.

Also contributing to the decline in FCEL stock is a decline in the company’s backlog. The statistic totaled $1.02 billion, down by 22.9% from $1.32 billion.

5 Investors Betting Big on FCEL Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q1, 250 13F filers disclosed a stake in FCEL, which remained unchanged from Q4. However, the total 13F shares owned by these filers increased to 188.99 million from 182.83 million. Zero of the filers hold FCEL in their top 10 positions.

The institutional put/call ratio as of the end of Q1 sits at 0.44, up from 0.42. That’s equivalent to 1.867 million puts and 4.248 million calls, implying a bullish options stance. With that in mind, let’s take a look at FuelCell’s five largest shareholders:

  1. BlackRock (NYSE:BLK): 41.63 million shares. BlackRock acquired 2.14 million shares during Q1.
  2. Vanguard: 38.69 million shares. Vanguard acquired 422,433 shares during Q1.
  3. D.E. Shaw & Company: 14.45 million shares. D.E. Shaw acquired 4.38 million shares during Q1.
  4. State Street (NYSE:STT): 13.30 million shares. State Street acquired 465,165 shares during Q1.
  5. Geode Capital Management: 8.16 million shares. Geode acquired 410,226 shares during Q1.

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/06/5-investors-betting-big-on-fuelcell-fcel-stock/.

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