Technology

A Three-Way Win in Fuel Cell Stocks

Wednesday was a strong day for fuel cell stocks. FuelCell Energy Inc. (NASDAQ: FCEL) was higher on an analyst upgrade. Ballard Power Systems Inc. (NASDAQ: BLDP) was up on a Forbes article. And it appears that Plug Power Inc. (NASDAQ: PLUG) just decided to ride coattails for its gains.

FuelCell Energy Inc. (NASDAQ: FCEL) is the winner of the day is small cap low-priced alternative energy stocks. Stifel issued a new Buy rating for the stock, and the firm assigned a price target of $2.90. If the analyst was right, then FuelCell Energy could have an implied upside of 30%. The consensus price target is $2.73, and the highest price target is $3.00. Just keep in mind that there are hardly any analysts which follow it.

Shares were up over 8% late in the day at $2.42. Its 52-week trading range is $1.10 to $4.74, and its market cap was $617 million based upon the current share price.

A Forbes article talked up Ballard Power Systems Inc. (NASDAQ: BLDP) on Wednesday as well. The publication spoke with Stephen Karaffa, Ballard’s Vice President and Chief Operating Officer, and Guy McAree, Director of Marketing and Investor Relations to find out what the company is up to. They wrote:

Karaffa was very frank in acknowledging past expectations and disappointments, while expressing optimism for the company’s current path. The biggest difference today is that the company has transitioned from an engineering company to one focused on developing products that are commercially viable. This re-shaping required internal realignment, which is essentially complete.

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Ballard Power Systems Inc. (NASDAQ: BLDP) was up 14% at $3.74 on almost 6 million shares with only about two hours until the closing bell.

Plug Power Inc. (NASDAQ: PLUG) was up over 11% at $4.46 late in the day on Wednesday. Its trading volume was more than 14 million shares with two hours until the close.