Why FuelCell Energy Is Soaring This Week
FuelCell Energy (NASDAQ: FCEL) stock might be down nearly 20% this year, but it had a much worse year-to-date return last week. Shares of the fuel cell technology company have been soaring this week, rising more than 19% as of early-Friday trading, according to data provided by S&P Global Market Intelligence.
The company has been working to expand clean energy technologies, but it has yet to make money, and investors have been losing patience. In its fiscal first-quarter earnings report, the company said its project backlog was nearly 19% lower than the prior year as of January 31, 2023. The stock was trading near 52-week lows.
But investors piled in this week when FuelCell Energy announced it had received an order from ExxonMobil for its carbon-capture-technology equipment.
Source Fool.com
