FuelCell Energy, Inc. FCEL Shares are trading lower on Tuesday after the company announced a special meeting of shareholders to consider and vote on a proposal to approve a reverse stock split.

The details:

FuelCell will hold the special meeting to vote on the reverse stock split on October 31, 2024. Shareholders of record as of the close of business on September 10 will be entitled to receive notice of the special meeting and to vote at it.

The company did not disclose a specific ratio or range for the proposed reverse stock split, but said further details will be available in a proxy statement to be filed at a later date.

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According to data from Benzinga Pro, FuelCell shares have fallen more than 70% since the beginning of the year and 25.68% of the shares are shorted.

Will FCEL stock rise?

To estimate whether FuelCell Energy will continue to rise from current levels, it is advisable to take a look at analyst forecasts.

Wall Street has an average 12-month price target of $0.50 for FuelCell Energy and one analyst has rated the company “neutral.”

In the last month, one analyst has adjusted the price targets. Here’s a look at the most recent price target changes (analyst ratings). Benzinga also tracks the most accurate analysts on Wall Street. See how analysts covering FuelCell Energy have performed in the recent past.

Stocks don’t move in a straight line. The average stock market return is about 10% per year. FuelCell Energy is down 72.07% year to date. The average analyst price target suggests the stock could still rise further.

For a comprehensive look at everything you need to know about FuelCell Energy, click here. If you want to go a step further, there’s no better tool than Benzinga Pro to help you do just that. Start your free trial today.

FCEL price promotion: According to Benzinga Pro, FuelCell Energy shares are down 18.4% at 42 cents at the time of publication Tuesday.

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