- 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.
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.
Stay up to speed with hot stocks' news!
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.