- The stock price of FuelCell Energy Inc (NASDAQ: FCEL) has increased by 20.95%. This is why it happened.
The stock price of fuel cell power company FuelCell Energy Inc (NASDAQ: FCEL) increased by 20.95% today as it went from a previous close of $15.75 to $19.05. FuelCell did not have any major announcements today, but it seems to have benefitted from announcements by other companies in the same industry.
For example, GM announced a new business operation called BrightDrop, which will offer an electric van called the EV600 (estimated range of 250 miles). FedEx is going to be one of the first customers for this vehicle. And Plug Power had announced a new 50-50 venture for the integration of its fuel cells in Renault’s commercial vans in Europe.
A few days ago, Jefferies analyst Laurence Alexander had initiated coverage of FCEL at a “Hold” rating and a price target of $11.
Disclosure: I have a small FCEL position in my portfolio.