In a report released today, Carter Driscoll from B.Riley FBR maintained a Buy rating on Fuelcell Energy (NASDAQ: FCEL), with a price target of $3.50. The company’s shares opened today at $1.14, close to its 52-week low of $1.
Driscoll commented:
“FuelCell Energy (FCEL – Buy, $3.50 PT) delivered F3Q18 revenues and EPS modestly below our estimates, largely from weak equipment sales and related fixed cost under absorption. A $1.2M charge to COGS for abandoning a small legacy service agreement, no longer deemed economically viable, also impacted margins. FCEL’s record backlog of $1.9B and recent ITC extension support the transition to building its power generation portfolio, which remains on track to grow almost 3X to reach over 30 MW (generating electricity revenues under long-term PPAs) by FYE19. CT/CA are progressing on schedule. We believe the company should be able to deliver another multi-MW equipment sale and long-term service agreement with a second Korean power producer, but we believe timing is difficult to forecast.”
According to TipRanks.com, Driscoll has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.1% and a 33.5% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Canadian Solar Inc.
Fuelcell Energy has an analyst consensus of Strong Buy, with a price target consensus of $3.20, a 180.7% upside from current levels. In a report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $4 price target.
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The company has a one-year high of $2.49 and a one-year low of $1. Currently, Fuelcell Energy has an average volume of 1.39M.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FCEL in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
FuelCell Energy, Inc. designs, manufactures, sells, installs and services stationary fuel cell power plants for distributed power generation. It offers renewable power markets. Its services also include engineering, procurement, and installation; and training.
