FuelCell Energy Inc (NASDAQ: FCEL) is headed up in the market this morning, making a bit of ground toward a recovery after yesterday’s offering-fueled declines. Here’s what’s going:
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FCEL Stock Bounces Back
As mentioned above, FuelCell Energy is having a strong start in the premarket hours this morning, making up for some of the losses experienced in the market yesterday. The declines were the result of the company’s recent annuncement that it plans on offering up to 34.5 million shares for sale in an effort to raise more than $128 million.
The company said that it intends on using the funding to pay debts and dividends. Any remaining funds after debts and dividends will be used by FCEL to accelerate the development and commercialization of its solid oxide platform as well as for project development, project financing, working capital support, and general corporate purposes.
So, while the dilution caused by the offering is a swift jab to the nether region for shareholders, the money will be used to expand the value of the company.
Investors seem to be taking their punch and getting back up this morning as FCEL stock makes a move for the top, making up for around half of yesterday’s declines.
FCEL Is A Hot Stock Pick Moving Forward
While the movement today is a recovery, there’s good reason to expect strong growth out of the stock moving forward. Keep in mind, Joe Biden recently won the Presidential Election, and we’re talking about a clean energy stock. That’s a match made in heaven.
Over the past several years, Joe Biden has been very outspoken about his views toward the need for clean energy and regulatory changes that need to take place to reduce the carbon footprint of the United States and the rest of the world in order to improve environmental conditions.
FCEL focuses on the development of fuel cell, carbon capture, and other clean energy technologies. Not to mention, the company is a leader in the space, garnering attention from the United States Government, Pfizer, Exxon Mobil, Toyota, and more.
As a result, the company is likely to benefit from not only increasing demand, but tax benefits, grants, and other government support ahead. All serving to increase value for investors.
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The Bottom Line
While the recent offering announcement was a painful one for investors to take, the company is likely to recover quickly, as can be seen from the activity in the market this morning. With Joe Biden moving into the White House, and the company’s leadership in its lane, FCEL stock is one to pay close attention to!
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