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FuelCell Energy Inc. (NASDAQ: FCEL) is getting hammered this morning. The developer and manufacturer of fuel cell power plants for electric power generation announced a $24.2 million financing pact this morning. The company sold 6.7 million shares of common stock at $3.59 per share via Canaccord Adams Inc. and Lazard Capital Markets.
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Posts for Ticker ‘FCEL’
FuelCell’s Capital Raise, Dilutive But Opportunistic (FCEL)
Short Sellers Confused in Alternative Energy Bets (CSIQ, CPST, CLNE, ENER, ESLR, FSLR, FCEL, SOLR, JASO, LDK, SFUN, SPWRA, STP)
We have seen the new short interest data out of the NASDAQ and NYSE for the end of May reports. There are many mixed bets in the alternative energy sector. While some of these are large bets on the surface, overall there was a very small change in the latest short interest data compared to months past.
COMPANY NAME (TICKER)……….. MAY 29… Change from May 15
Canadian Solar Inc. (CSIQ)…………2,549,840 -4.3%
Capstone Turbine Corp. (CPST)…… 17,568,058 +5.8%
Clean Energy Fuels Corp. (CLNE)….3,919,108 -0.1%
Energy Conversion Devices (ENER) 12,649,722 +3.7%
Evergreen Solar, Inc. (ESLR)………. 20,225,435 +0.5%
First Solar, Inc. (FSLR)……………… 6,995,776 -2.4%
FuelCell Energy, Inc. (FCEL)………. 5,861,532 +1.7%
GT Solar International (SOLR)……. 5,558,018 -9.7%
JA Solar Holdings, Co. (JASO)……. 6,652,651 +10.4%
LDK Solar Co. Inc. (LDK)…………… 13,719,877 +4.1%
Solarfun Power Holdings Co. (SFUN) 1,337,324 -7.1%
SunPower Corp. (SPWRA)……………. 13,885,421 +9.7%
Suntech Power Holdings Co. (STP)… 10,706,960 +8.1%
Usually you see a clear trend or direction in the alternative energy sector. That does not appear to be the case. As oil has risen steadily, the downside of betting against these may be to steep and managers telling their clients they bet against the rally after all the pain seen already is probably more than a tough sell.
JON C. OGG
JUNE 10, 2009
News Escalates Technical Event in Solar Stocks (FCEL, STP, ESLR, SPWRA, YGE, TAN, FSLR)
We recently have noticed how more and more solar companies are seeing big gains on news, particularly in those which have recently raised cash in a seondary offering. We are starting to see further chart and technical events in FuelCell Energy Inc. (NASDAQ: FCEL), Suntech Power Holdings Co. Ltd. (NYSE: STP), Evergreen Solar Inc. (NASDAQ: ESLR), SunPower Corporation (NASDAQ: SPWRA), and Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) as the 200-day or 50-day moving averages are now in the rear-view mirror. Where this gets interesting is that the solar ETF, Claymore/MAC Global Solar Energy (NYSE: TAN), has crossed above its 200-day moving average in recent days as shares are at $10.93 and that 200-day moving average is $10.15.
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FuelCell and POSCO in Korea: When Contracts Really Add Up (FCEL
FuelCell Energy Inc. (NASDAQ: FCEL) is screaming higher in early trading before the bell, and it is easy to see why. The company announced that POSCO Power ordered 30.8 megawatts of FuelCell Energy modules and components, with estimated value of $58 million. This won’t help in the immediate future, but this adds to future orders.
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Fuel Cells Get Nod in Connecticut (FCEL)
FuelCell Energy, Inc. (NASDAQ:FCEL) has received final approval from the Connecticut Department of Public Utility Control to build 9 plants that will together generate 27.3 megawatts of electricity. The state issued preliminary approval of the plants last month. The plants are included in Connecticut’s Project 150 which required the state to sign energy purchase agreements for 150 megawatts of clean power.
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Short Sellers Double Down Against Green & Alternative Energy (CSIQ, CPST, CLNE, ENER, ESLR, FSLR, FCEL, SOLR, JASO, LDK, SFUN, SPWRA, STP)
There was what appears to be a massive increase in short selling for the period report ending March 13, 2009. The short selling increases in companies like First Solar, Inc. (NASDAQ: FSLR), Suntech Power Holdings Co. (NYSE: STP), SunPower Corp. (SPWRA) and others were well into double digits. Of our main go-to alternative or green stocks we cover, only one of them saw a decrease in short selling.
COMPANY NAME (TICKER)……….. MARCH 13.. Change
Canadian Solar Inc. (CSIQ)………… 3,506,879 -2.35%
Capstone Turbine Corp. (CPST)…… 16,385,245 +2.68%
Clean Energy Fuels Corp. (CLNE)…. 4,204,801 +0.5%
Energy Conversion Devices (ENER) 14,117,686 +4.5%
Evergreen Solar, Inc. (ESLR)………. 23,355,600 +6.7%
First Solar, Inc. (FSLR)………………. 10,918,475 +32.1%
FuelCell Energy, Inc. (FCEL)……….. 6,918,766 +11.6%
GT Solar International (SOLR)…….. 2,043,429 +9.8%
JA Solar Holdings, Co. (JASO)…….. 7,233,429 +14.4%
LDK Solar Co. Inc. (LDK)……………. 11,831,376 +3.2%
Solarfun Power Holdings Co. (SFUN) 2,660,846 +11.3%
SunPower Corp. (SPWRA)……………. 9,483,348 +12.8%
Suntech Power Holdings Co. (STP)… 9,955,282 +28.2%
JON C. OGG
March 25, 2009
Short Sellers Active In Green Energy Stocks (CSIQ, CPST, CLNE, ENER, ESLR, FSLR, FCEL, SOLR, JASO, LDK, SFUN, SPWRA, STP)
There were some really large increases in the short interest from alternative energy companies such as Energy Conversion Devices (NASDAQ: ENER), JA Solar Holdings (NASDAQ: JASO), and LDK Solar Co. Inc. (NYSE: LDK). What is interesting is that First Solar, Inc. (NASDAQ: FSLR) posted disappointing earnings, yet the short interest actually decreased there.
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Alternative Energy Short Selling Decreases (CSIQ, CPST, CLNE, ENER, ESLR, FSLR, FCEL, SOLR, HOKU, JASO, SFUN, SPWRA, SPWRB)
Short selling is not always just used as a bet against a stock, but that is what Wall Street evaluates short interest for. We did note a drop in short selling on NASDAQ from mid-December to December 31. But it is odd that short selling in alternative energy stocks has come down too. this is despite how weak some of the alternative energy stocks have been and how the industry is being gutted by sudden cheap energy prices again.
Stock (Ticker) Dec. 31 Dec. 15 Change
Canadian Solar Inc. (CSIQ) 2,221,041 2,535,153 -12.39%
Capstone Turbine Corp. (CPST) 15,238,501 15,982,879 -4.66%
Clean Energy Fuels Corp. (CLNE) 3,766,746 3,363,349 +11.99%
Energy Conversion Devices (ENER) 10,903,594 11,784,508 -7.48%
Evergreen Solar, Inc. (ESLR) 23,030,783 24,041,949 -4.21%
First Solar, Inc. (FSLR) 7,586,475 7,725,457 -1.80%
FuelCell Energy, Inc. (FCEL) 5,844,014 6,821,520 -14.33%
GT Solar International (SOLR) 2,588,190 2,585,455 +0.11%
Hoku Scientific, Inc. (HOKU) 1,912,737 2,012,192 -4.94%
JA Solar Holdings, Co. (JASO) 14,182,231 15,976,615 -11.23%
Solarfun Power Holdings Co. (SFUN) 3,027,631 3,948,622 -23.32%
SunPower Corp. (A) (SPWRA) 9,418,472 9,619,152 -2.09%
SunPower Corp. (B) (SPWRB) 2,521,597 2,618,116 -3.69%
Jon C. Ogg
January 13, 2009
Top 10 Pre-Market Analyst Upgrades (BAM, CEPH, CYPB, FCEL, KR, SWY, XNPT)
These are some of the top analyst upgrades and positive research calls we have seen from Wall Street this Tuesday morning:
- Brookfield Asset Management (BAM) Started as Buy at TD.
- Cephalon (CEPH) Started as Buy at Piper Jaffray.
- Cypress Bioscience (CYPB) Started as Buy at Piper Jaffray.
- FuelCell Energy (FCEL) Started as Overweight at Thomas Weisel.
- Kroger (KR) Raised to Neutral from Underweight at JPMorgan.
- Safeway (SWY) Raised to Neutral from Underweight at JPMorgan.
- Xenoport (XNPT) Started as Buy at Piper Jaffray.
Jon C. Ogg
December 16, 2008
Short Seller Surprise, Alternative Energy Mixed Bag (CSIQ, CPST, CLNE, ENER, ESLR, FSLR, FCEL, SOLR, HOKU, JASO, SFUN, SPWRA, SPWRB)
With oil tanking, many alternative energy stocks and solar stocks have been paying for it. They were the leveraged winners when oil was running up and now they are paying the price on the way down. You will see some major increases in the short selling in some of the key stocks, but it is amazing just how mixed the bets are with some seeing real drops in the short interest. Maybe the notion is out that with suddenly super-low P/E ratios and with many off 75% or more that the worst is behind:
Stock (Ticker) NOV. 28 NOV. 14 CHANGE
Canadian Solar Inc. (CSIQ) 2,427,370 3,368,857 -27.95%
Capstone Turbine Corp. (CPST) 17,560,127 18,493,021 -5.04%
Clean Energy Fuels Corp. (CLNE) 3,410,178 3,278,222 +4.03%
Energy Conversion Devices (ENER) 12,318,601 11,092,675 +11.05%
Evergreen Solar, Inc. (ESLR) 24,902,180 25,732,337 -3.23%
First Solar, Inc. (FSLR) 9,307,012 7,074,475 +31.56%
FuelCell Energy, Inc. (FCEL) 9,091,358 9,447,180 -3.77%
GT Solar International (SOLR) 2,614,025 2,092,142 +24.94%
Hoku Scientific, Inc. (HOKU) 2,040,200 2,442,894 -16.48%
JA Solar Holdings, Co. (JASO) 18,283,207 16,661,472 +9.73%
Solarfun Power Holdings Co. (SFUN) 5,003,987 5,249,784 -4.68%
SunPower Corp. (A) (SPWRA) 11,114,809 12,210,305 -8.97%
SunPower Corp. (B) (SPWRB) 3,230,046 1,990,460 +62.28%
Jon C. Ogg
December 10, 2008
Short Sellers Losing Conviction in Alternative Energy (CSIQ, CPST, CLNE, ESLR, FSLR, FTEK, FCEL, HOKU, LDK, SPWR, STP)
Many traders and short sellers have loved targeting solar power and other alternative energy stocks. Interestingly, bets against these companies have not risen dramatically even though many of them are under pressure from falling energy and commodities prices. As you will see below, there was only one company with a significant rise in short interest.
Alternative Energy Not Following Oil (FSLR, SPWR, STP, CSIQ, ESLR, CPST, FCEL, USU)
Oil is performing as though there were no sellers today. Recalling a single $20.00 move up in the price of oil in a single day is elusive, but a gain of $18.66 per barrel at $123.21 for October futures is being attributed to a drop in the dollar followed by one major short squeeze. We have already discussed this today with the supply interruption in the Caspian region. But if this was believed to be a sustained issue rather than a single day’s trading issue then you would see a follow-through in alternative energy stocks today. You aren’t. Solar, turbines, fuel cells are lagging. Here are today’s late day prices in some of the major stocks in the alternative energy sector which we follow:
- First Solar Inc. (NASDAQ: FSLR) is down almost 5% at $230.03.
- SunPower Corporation (NASDAQ: SPWR) is down 1.5% at $88.27.
- Suntech Power Holdings (NYSE: STP) down over 2.3% at $42.50.
- Canadian Solar Inc. (NASDAQ: CSIQ) is down 1.5% at $25.99.
- Evergreen Solar Inc. (NASDAQ: ESLR) is down over 2% at $6.06.
- Capstone Turbine Corp. (NASDAQ: CPST) is trading down over 7% at $1.40.
- FuelCell Energy Inc. (NASDAQ: FCEL) is down almost 3% at $7.05.
- USEC Inc. (NYSE: USU), actually nuclear rather renewable but still our favorite in alternative energy picks, is down 1.4% at $5.63.
Oil’s drop has taken out all of the hype from most of the stocks in the alternative energy universe. What is funny is that many of these were deemed viable and to be in high demand even when oil was in the $50.00 range per barrel. But that is what makes a market. Either oil’s massive move up is a silly move, or these alternative energy leaders should be poised to make a massive run higher.
Jon C. Ogg
September 22, 2008
Short Seller Changes in Alternative Energy (CSIQ, CPST, CLNE, ESLR, FSLR, FTEK, FCEL, HOKU, LDK, SPWR)
Many traders and short sellers have loved targeting solar power and other alternative energy stocks. What is interesting is that the bets against these companies did not show a larger increase since many of them have been under pressure from falling energy and commodities prices..
Alternative Energy Aug 29 Aug 15 Change
Canadian Solar Inc. (CSIQ) 4,792,383 4,105,862 16.72%
Capstone Turbine Corp. (CPST) 26,868,541 27,148,261 -1.03%
Clean Energy Fuels Corp. (CLNE) 3,157,778 3,370,936 -6.32%
Evergreen Solar, Inc. (ESLR) 29,577,222 28,600,712 3.41%
First Solar, Inc. (FSLR) 4,118,065 3,932,851 4.71%
Fuel Tech, Inc. (FTEK) 8,967,558 9,409,720 -4.70%
FuelCell Energy (FCEL) 13,231,020 13,547,382 -2.34%
Hoku Scientific (HOKU) 3,408,545 3,264,070 4.43%
LDK Solar Co. Inc. (LDK) 12,810,785 14,263,002 -10.18%
SunPower Corporation (SPWR) 18,696,656 18,939,191 -1.28%
Jon C. Ogg
September 11, 2008
Wachovia Initiates Alternative Energy (CPST, ELON, FCEL, ITRI)
Wachovia has initiated coverage of some alternative energy stocks this morning. There may be other calls so we’ll follow up with more later depending on the length and details. Here are the ones we saw so far this morning:
- Capstone Turbine (NASDAQ: CPST) Started as Outperform at Wachovia.
- Echelon (NASDAQ: ELON) Started as Outperform at Wachovia.
- FuelCell Energy (NASDAQ: FCEL) Started as Market Perform at Wachovia.
- Itron (NASDAQ: ITRI) Started as Outperform at Wachovia.
Jon C. Ogg
July 10, 2008
Analyst Looks For Big Upside In FuelCell Energy (FCEL)
Lazard Capital Markets has a call out in the fuel cell sector from earlier this morning on FuelCell Energy, Inc. (NASDAQ: FCEL). Analyst Sanjay Shrestha has maintained his Buy rating, but he has also maintained his $15.00 price target.
Shrestha recently hosted investor meetings with senior management of FuelCell Energy and he still believes its outlook remains strong with near-term catalysts, and he thinks it has the best bookings and backlog in its history. Management also noted that it will have financing in place for two upcoming major projects that will add about $43 million to the backlog. Shrestha also believes it will gain more traction from California and from Korea.
- 247WallSt.com has had this under review to be included in future "10 Stocks Under $10" weekly newsletters. As this has been hit hard of late, we will now be reviewing this one closer. Shrestha has a solid record on many of these small cap alternative energy stocks on a selective basis. Capstone Turbine was another name we have looked at further after his research call, and that one has risen 50% since bing added to our "Under $10" newsletter.
The $15 target is based upon a 30x multiple on two potential revenue scenarios and EPS of $0.90-$1.20 over the next 4-6 years, discounted by 20% back four years. Shrestha also noted that it has a solid risk/reward as its current backlog is $84.7 million, not including the above note, and FuelCell Energy has $137 million in cash and equivalents.
On a more conservative side, Shrestha noted, "Given the current market environment, and assigning a low-20s multiple on our earnings scenario, we arrive at a target of about $10, suggesting meaningful upside. Risks: FuelCell Energy is in the early states of commercialization; the company needs to balance cash burn while establishing traction in key strategic markets."
With shares up 1% at $5.85 this morning, this would leave an upside of roughly 70% to his conservative number and some 155% to the $15.00 target. FuelCell’s 52-week trading range is $5.43 to $13.14, so shares are barely above 52-week lows and still have a long ways to go before challenging its 52-week highs.
Jon C. Ogg
March 20, 2008
Lazard Defends FuelCell Energy Ahead of Earnings (FCEL, FTEK)
Lazard Capital Markets’ Sanjay Shrestha has come out defending FuelCell Energy (NASDAQ: FCEL) ahead of tomorrow’s earnings report. The firm expects another strong quarter from the company. It also notes a an attractive risk/reward metric and is maintaining its BUY rating.
Lazard has forecast revenues of $17 million and a loss per share of $(0.26), versus consensus of $16.2 million and $(0.26). Here are some pending projects noted by Shrestha: "We expect FuelCell to report another solid quarter of additional bookings traction in key markets and ongoing cost/ kW reductions. During the quarter, the company announced more than 9MW of new awards, including a 3.9MW contract with the Linde Group and a 4.8MW order from POSCO Power."
Lazard is also looking for an update on the CT150 projects totaling 16.2MW recently approved by the Connecticut Department of Public Utility Control, and anticipates an update on the status of the 19.6MW Danbury "Triangle" project.
This target price of $15 represents more than a 100% gain from today’s prices and this stock has seen a 52-week trading range of $6.15 to $13.14. This target reflects a 30x multiple on two potential revenue scenarios and EPS of $0.90-$1.20 over the next 4-6 years.
We would also note that Fuel Tech, Inc. (NASDAQ: FTEK) is scheduled to report earnings after the close tomorrow. We recently gave a full preview on this one, and the companies are similar in name only.
Jon C. Ogg
March 4, 2008
Top 10 Pre-Market Analyst Calls (CS, DB, UBS, ASML, IFX, PHG, ETFC, FCEL, MHK, PLUG, TMX, VLO, WNR)
These are not teh only impact analyst calls today impacting stocks, but these are the key calls that 24/7 Wall St. is focusing on. This isn’t exactly 10 if you look at the bullet points, but that is because some of the research calls are multi-stock calls:
- BEAR STEARNS Downgrades key European investment banking names: Credit Suisse (CS) and Deutsche Bank (DB) both downgraded to Underperform from Peer Perform ratings; UBS AG downgraded from Outperform to Peer Perform rating.
- EU CHIP & TECH: ASML Holdings (ASML), Infineon (IFX), and Royal Philips Electronics (PHG) all started as Buy at UBS.
- E*Trade (ETFC) downgraded to Market Perform from Outperform at BMO Capital Markets; Credit Suisse cut its price target to $4.00; Goldman Sachs cautions that a takeover is unlikely near-term..
- Fuel Cell (FCEL) started as Overweight at JPMorgan.
- Plug Power (PLUG) started as Underweight at JPMorgan.
- Telmex (TMX) raised to Neutral at JPMorgan.
- Valero (VLO) & Western Refining (WNR) were both raised to Buy at Banc of America. Mohawk (MHK) downgraded to Sell from Neutral at Banc of America.
Jon C. Ogg
November 30, 2007
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