Corebridge Financial Inc. Reduces Stake in FuelCell Energy, Inc. (NASDAQ:FCEL)

Corebridge Financial Inc. cut its holdings in shares of FuelCell Energy, Inc. (NASDAQ:FCEL - Free Report) by 96.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,249 shares of the energy company's stock after selling 257,555 shares during the quarter. Corebridge Financial Inc.'s holdings in FuelCell Energy were worth $84,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCEL. Geode Capital Management LLC increased its holdings in FuelCell Energy by 13.9% in the 3rd quarter. Geode Capital Management LLC now owns 12,014,243 shares of the energy company's stock valued at $4,567,000 after purchasing an additional 1,466,442 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of FuelCell Energy by 5.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,977,835 shares of the energy company's stock worth $1,512,000 after buying an additional 216,539 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of FuelCell Energy by 35.8% in the third quarter. JPMorgan Chase & Co. now owns 545,894 shares of the energy company's stock valued at $207,000 after buying an additional 143,786 shares in the last quarter. 42.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of FuelCell Energy from $15.00 to $8.40 and set a "hold" rating on the stock in a research report on Friday, December 20th. Canaccord Genuity Group reaffirmed a "hold" rating and set a $12.00 price objective on shares of FuelCell Energy in a research report on Friday, December 20th. B. Riley cut their price target on shares of FuelCell Energy from $12.00 to $9.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 12th. Finally, TD Cowen boosted their price objective on FuelCell Energy from $2.00 to $12.00 and gave the company a "hold" rating in a research note on Friday, December 20th. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $10.03.

FuelCell Energy Stock Performance

FCEL traded down $0.01 during trading on Friday, hitting $3.89. The stock had a trading volume of 401,531 shares, compared to its average volume of 1,334,848. FuelCell Energy, Inc. has a twelve month low of $3.72 and a twelve month high of $30.90. The firm has a market capitalization of $82.25 million, a P/E ratio of -0.49 and a beta of 3.95. The company has a debt-to-equity ratio of 0.20, a quick ratio of 4.48 and a current ratio of 6.01. The company's 50-day moving average price is $5.61 and its 200 day moving average price is $8.30.

FuelCell Energy (NASDAQ:FCEL - Get Free Report) last issued its earnings results on Tuesday, March 11th. The energy company reported ($1.42) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.52) by $0.10. FuelCell Energy had a negative return on equity of 18.58% and a negative net margin of 113.09%. The business had revenue of $19.00 million during the quarter, compared to the consensus estimate of $35.37 million. During the same period in the prior year, the business posted ($1.25) EPS. On average, equities research analysts forecast that FuelCell Energy, Inc. will post -6.11 EPS for the current fiscal year.

FuelCell Energy Profile

FuelCell Energy, Inc, together with its subsidiaries, manufactures and sells stationary fuel cell and electrolysis platforms that decarbonize power and produce hydrogen. The company provides various configurations and applications of its platform, including on-site power, utility grid support, and microgrid, as well as distributed hydrogen; solid oxide-based electrolysis; solutions for long duration hydrogen-based energy storage and electrolysis technology; and carbon capture, separation, and utilization systems.