On July 14, FuelCell Energy rose 10.95% in regular trading, trading around $21.25/share, with turnover of approximately $23.82 million.
On the news front, UBS upgraded FuelCell Energy from Neutral to Buy and raised its price target from $22 to $27, implying approximately 27% upside from the current level. The upgrade comes after the stock had fallen sharply below its recent $21/share secondary offering price, closing at $19.09 on July 13 amid dilution concerns from the approximately 10.7 million share issuance that raised roughly $225 million.
The UBS upgrade adds to a series of analyst endorsements, including B. Riley's prior upgrade to Buy with a $32 target and Jefferies' earlier upgrade. The positive sentiment is further supported by fundamental catalysts including a strategic agreement to provide Fit Energy USA with up to 380MW of clean power for data centers and a collaboration with Siemens on distributed fuel cell-based power generation solutions. The rally helped the stock recover back toward the $21 offering price level.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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