FuelCell Energy (NASDAQ: FCEL) stock surged during early trading Tuesday despite B. Riley lowering its price target, citing a higher share count.
B.Riley has revised its outlook on FuelCell Energy, lowering the stock’s price target from $2.00 to $1.50 while maintaining a Neutral stance on the company’s shares. The firm’s analyst primarily attributed the downward revision in the price target to a higher share count.
As of 10:08 a.m. (Eastern Time) Wednesday, FCEL stock traded at $0.9560, marking a 3.70% increase compared to the previous trading session.
FuelCell Energy (NASDAQ: FCEL): Fiscal Performance Highlights
FuelCell Energy recently disclosed its second-quarter fiscal year 2024 revenue and EBITDA figures, which aligned closely with analyst expectations. The company reported revenue of $22.4 million and an EBITDA loss of $26.5 million. These figures slightly outperformed B.Riley’s projection of $20.9 million in revenue and a $24.3 million EBITDA loss, and the general market consensus that anticipated $21.3 million in revenue and a $20.1 million EBITDA loss.
In addition, FuelCell Energy announced a reduction in its planned investments in 2024 by up to $30 million, deferring these expenses to fiscal year 2025. Nevertheless, the company’s year-over-year backlog demonstrated growth, increasing from $1.02 billion to $1.06 billion by the end of the second quarter.
Furthermore, Ameresco (NYSE: AMRC) will incorporate FuelCell’s technology into a biogeneration project, contributing $12 million to the company’s product backlog. In addition, FuelCell recently secured a deal to provide 42 upgraded 1.4-megawatt carbonate fuel cell modules to GGE, along with a seven-year service agreement, which will add approximately $160 million to the backlog. However, the end-of-quarter figures didn’t include this. The company anticipates recognizing revenue for the first six modules of this agreement in the fourth quarter of fiscal year 2024.
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