FuelCell Energy Price Target Lowered to $2.40 at Cowen and Company (FCEL)

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FuelCell Energy (NASDAQ:FCEL) had its target price reduced by Cowen and Company from $2.70 to $2.40 in a research note released on Thursday morning.

Shares of FuelCell Energy (NASDAQ:FCEL) opened at 2.29 on Thursday. FuelCell Energy has a 52 week low of $1.10 and a 52 week high of $4.74. The stock has a 50-day moving average of $2.23 and a 200-day moving average of $1.98. The company’s market cap is $581.5 million. FuelCell Energy also was the target of a significant decline in short interest in May. As of May 15th, there was short interest totalling 35,481,869 shares, a decline of 3.4% from the April 30th total of 36,723,526 shares. Based on an average daily volume of 5,658,803 shares, the days-to-cover ratio is presently 6.3 days. Approximately 16.2% of the shares of the stock are short sold.

FuelCell Energy (NASDAQ:FCEL) last posted its quarterly earnings results on Tuesday, June 3rd. The company reported ($0.04) earnings per share for the quarter, meeting the analysts’ consensus estimate of ($0.04). The company had revenue of $38.27 million for the quarter, compared to the consensus estimate of $44.73 million. During the same quarter last year, the company posted ($0.04) earnings per share. FuelCell Energy’s revenue was down 9.8% compared to the same quarter last year. On average, analysts predict that FuelCell Energy will post $-0.13 earnings per share for the current fiscal year.

FCEL has been the subject of a number of other recent research reports. Analysts at ISI Group cut their price target on shares of FuelCell Energy to $2.40 in a research note on Thursday. Separately, analysts at Stifel Nicolaus initiated coverage on shares of FuelCell Energy in a research note on Wednesday, May 28th. They set a buy rating and a $2.90 price target on the stock. Finally, analysts at Ardour Capital downgraded shares of FuelCell Energy from a buy rating to a hold rating in a research note on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $2.36.

FuelCell Energy, Inc (NASDAQ:FCEL) is a integrated fuel cell company.

To view Cowen and Company’s full report, visit Cowen and Company’s official website.

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