FuelCell Energy drops 7% on disappointing 4th quarter earnings
FuelCell Energystock dropped over 7% Thursday after a lackluster fourth quarter earnings report.
- The company posted a 17% revenue increase on a full-year basis, but it still trades at 34x sales.
- JPMorgan warned the valuation of FuelCell may be overheated in a note earlier this month.
FuelCell Energy stock dropped over 7% on Thursday after delivering a lackluster performance in the fourth quarter.
Analyst forecasts had predicted a $0.04 loss per share on revenue of $17.05 million for FuelCell. The company missed those estimates, notching an $0.08 loss per share on revenues of $17 million.FuelCell also posted a net loss of $18.9 million in the quarter, although that is an improvement from the company's $35.2 million net loss from the year-ago quarter.
Since then, however, the stock has fallen back down to around $16 per share after a report from JPMorgan questioned the current valuation and assigned a $10 price target for the shares.The disappointing showing from FuelCell is another bump in the road for
Still, FuelCell remained upbeat in their most recent earnings report, noting the benefits of a new, more green-focused, presidential administration.
"Based on the initial policy objectives outlined by the incoming White House administration, we expect clean energy and climate policies in the U.S. to begin to match the pace of advancement seen in other
Shares of FuelCell traded at $15.88 on Thursday morning putting the company's market cap at around $5 billion.
- CarbonWatch — India’s first mobile app to calculate your carbon footprint falls short of its promises
- Reddit recovers from a major outage as GameStop shares soar over 100%
- Nureca stocks debut on bourses at 59% premium over IPO price
- How Airtel’s AdTech platform is planning to deliver on the promise of ‘zero ad frauds’ to its clients
- Traffic jam on the Ganga - one of India's largest rivers will now get lane separators to deal with crowded boats