FuelCell Energy, Inc. ( FCEL ) shares are trading higher Monday, and the stock is up more than 12% over the past five days.

The Details:

Last week, FuelCell announced Gyeonggi Green Energy Co., Ltd. has agreed to purchase 42 1.4-megawatt upgraded carbonate fuel cell modules from FuelCell Energy ( FCEL ) to replace existing fuel cell modules at the Hwaseong Baran Industrial Complex fuel cell power platform, the world’s largest fuel cell power platform. 

The agreement includes a new seven-year service agreement pursuant to which FuelCell Energy ( FCEL ) will service the fuel cell modules, and the company expects to receive approximately $160 million of revenue over the term of the agreement.

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According to data from Benzinga Pro, 22.63% of available shares are being sold short which can contribute to large price movements when combined with heavy trading volume. 

FuelCell Energy ( FCEL ) is set to report its second-quarter financial results before the market open on June 10 and will host a conference call to discuss the results at 10:00 a.m. ET the same day. According to estimates from Benzinga Pro, analysts expect the company to report losses of 8 cents per share and quarterly revenue of $21.351 million.

FCEL Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of FuelCell Energy ( FCEL ) have an average 1-year price target of $1.75, representing an expected upside of 79.4%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. The street high price target from B. Riley Securities is $2, while the street low from Canaccord Genuity is $1.50.

FCEL Price Action: According to Benzinga Pro, FuelCell shares are up 7.91% at 96 cents at the time of publication Monday.

Image: Pete Linforth from Pixabay