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Is FuelCell a Buy Under $10?

Stock MarketsDec 02, 2021 02:31PM ET
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© Reuters. Is FuelCell a Buy Under $10?

Clean energy company FuelCell (FCEL) expanded its collaboration with Exxon Mobil (XOM) last month, and many also expect the recently passed U.S. infrastructure bill to benefit the company. However, the stock is currently trading significantly below its 52-week high of $29.44, closing yesterday’s trading session at $7.97. So, let’s evaluate if it is wise to buy the dip in the stock now. Read on. Integrated fuel cell company FuelCell Energy, Inc. (FCEL), in Danbury, Conn., on November 2 signed a six-month extension with Exxon Mobil Corporation (NYSE:XOM) to continue collaborating on carbonate fuel cell technology. Over the past three months, the stock soared 25.1% in price to close yesterday’s trading session at $7.97. This is partly due to investors’ optimism surrounding the passage of the bi-partisan infrastructure bill, which includes $9.50 billion to accelerate the development of clean hydrogen technology. In addition, the stock soared in price in October on retail investor interest.

However, it is uncertain if the infrastructure bill-related funding will directly benefit FCEL. The stock has lost 16.4% in price over the past month and 28.7% year-to-date.

Also, the company had entered an open market sale agreement in June 2021, pursuant to which it may, from time to time, offer and sell shares. This could lead to share dilution. In addition, FCEL reported losses in the last reported quarter. So, the stock’s near-term prospects look bleak.

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Is FuelCell a Buy Under $10?
 

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