Why FuelCell Shares Are Moving Today

Why FuelCell Shares Are Moving Today

FuelCell Energy Inc FCEL shares were trading lower by 1.3% at $9.22 Wednesday in sympathy with clean energy manufacturing peer Plug Power Inc PLUG after Canaccord Genuity downgraded Plug Power from Buy to Hold and lowered its price target from $69 to $31.

Barclays analyst Moses Sutton also maintained Plug Power Wednesday with an Underweight rating and raised the price target from $24 to $27.

FuelCell Energy designs manufactures, sells, installs, operates and services fuel-cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.

According to FuelCell, its systems are catered to meet the needs of customers across several industries, including utility companies, municipalities, universities, government entities and a variety of industrial and commercial enterprises.

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