FuelCell Energy (FCEL) Stock Continues to Sees Selling Pressure: A Good Buy For May?

FuelCell Energy (NASDAQ:FCELL) shares started the year off well surging 86% in January but started dipping in mid-February. In March, the stock was down 15%, and in April, it plunged 33%.

FuelCell Energy (FCEL) Stock Continues to Sees Selling Pressure: A Good Buy For May?

The decline has been a result of uninspiring Q1 2020 earnings the company released in March, and investors left their positions with Wall Street turning bearish on the stock.

The company’s top line of $14.9 million missed analysts’ revenue estimates of $22 million. Also, the company had a negative EPS of $0.15, which was short of analysts’ estimates of a loss per share of $0.04.

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Riley announced the commencement of coverage of the stock on April 15 and gave it a neutral rating with a price target of $11. However, a bearish take on FuelCell Energy’s stock followed with Well Fargo initiating coverage with an underweight rating and a price target of $9.

Bullish investors will be looking at the company’s Q2 2021 results in the summer. In the coming months, FuelCell Energy is among the renewable energy stocks to watch.

 

Jack Dawkins

Finance and Tech Contributor