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FCEL Stock News: FuelCell Energy rips higher into the close as a rival signs a massive partnership

  • NASDAQ:FCEL gained 3.43% during Monday’s trading session.
  • Bloom Energy signs a $4.5 billion new partnership with SK Group in South Korea.
  • The alternative energy sector rebounded after Friday’s sell off.

NASDAQ:FCEL rose strongly into the close on Monday, as the NASDAQ paced the broader markets with a 0.9% gain as mega-cap tech stocks kicked off their earnings season. Shares of FCEL gained 3.43% and closed the session at $7.54. FuelCell Energy has been on the rise as of late, although shares are still down 1.43% during the past month. This can be seen in the fact that FCEL is currently trading above its 50-day moving average, but below its key 200-day moving average, indicating a longer-term downtrend for the hydrogen fuel cell manufacturer. 


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FuelCell’s rival, Bloom Energy (NYSE:BE) skyrocketed on Monday and many stocks from the sector were riding higher in sympathy. Bloom announced that it has signed a massive $4.5 billion deal with South Korean energy conglomerate SK Group. The deal will see Bloom produce at least 500 megawatts of power by 2024, and builds upon a previous agreement between the two companies. The demand for alternative energy sources in the Asian markets is growing, so Bloom is positioning itself to be a major player as Asia moves towards carbon neutrality. 

FCEL stock forecast

FCEL Stock

Most stocks in the alternative energy sector were flying on Monday. Stocks like FuelCell Energy and Plug Power (NASDAQ:PLUG) declined on no real news last Friday, as FuelCell tumbled by over 10%. Plug Power gained 6.67% on Monday, while Bloom Energy rebounded by an impressive 37.15% on the news of the previously mentioned deal with SK Group. It was a nice bounce back for a sector that has been beaten down so far in 2021.

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