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%.
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.
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.