Shares of FuelCell Energy (NASDAQ:FCEL) are up today after initially plunging almost 9%. This volatility can be attributed to its Q3 earnings report. Earnings per share came in at -$0.06, which beat analysts’ consensus estimate of -$0.08 per share. However, sales cratered by 40.7% year-over-year, with revenue hitting $25.5 million. This was $3 million below expectations.
Jason Few, the president and CEO of FuelCell, stated that the firm remains committed to advancing its strategy, showcasing the effectiveness of its technologies in crucial areas, and promoting worldwide decarbonization. He mentioned that the consistent and increasing demand for environmentally friendly energy solutions, alongside government policy endorsement, has “generated significant potential” in its markets.
Is FCEL Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on FCEL stock based on three Holds and one Sell assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $2.25 per share implies over 53% upside potential.
