FCEL Stock News: FuelCell energy retreats as a rival gets a generous price upgrade

NASDAQ:FCEL fell by 4.91% during Tuesday’s trading session.
Bloom Energy continues to roll as Morgan Stanley lifts its price target.
Saudi Arabia is making a massive move into the hydrogen industry.

Stocks Reporter FXStreet

NASDAQ:FCEL managed to give back all of the gains it made on Monday as the hydrogen fuel cell maker continues to struggle mightily in 2021. Shares of FCEL fell by 4.91% on Tuesday, and closed the trading session at $7.17. FuelCell lagged the NASDAQ index and the broader markets in general, as all three major U.S. indices inched higher during a tentative session. The markets seemed to be waiting to hear from mega-cap tech earnings from Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL), which both reported blowout quarters after the closing bell.

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It was another stellar session for FuelCell rival Bloom Energy (NYSE:BE) on Tuesday. The fuel cell manufacturer followed up its $4.5 billion partnership with the SK Group in South Korea, with a generous price upgrade for its stock from Morgan Stanley. The investment firm raised its price target from $25 to $32, citing the major deal with the SK Group as a major catalyst for future revenue growth. While the price raise isn’t monumental, it does show that Bloom is seen as the current industry leader, and that FuelCell has some work to do to play catch up.

FCEL stock forecast

In other hydrogen industry news, oil giant Saudi Arabia is planning on making a major splash. The Kingdom has always been known as an oil producing country, but recently it has well diversified its portfolio by adding a majority ownership stake in Lucid Motors (NASDAQ:LCID). Well, now it seems as though Saudi Arabia is getting into the production of blue hydrogen as it is tapping into the $110 billion Jafurah gas project with intentions of becoming the largest hydrogen producer in the world.

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Stocks Reporter

FXStreet

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