Up 24% Over The Last Month, What’s Next For FuelCell Energy?

Up 24% Over The Last Month, What’s Next For FuelCell Energy?

FuelCell Energy stock, a company that designs, manufactures, and operates fuel cell power plants, rallied by almost 12% over the last week (five trading days). The stock also remains up by close to 24% over the past month (about 21 trading days), compared to the S&P 500, which has returned about 2%. So what's driving the recent gains? Firstly, investors have turned their attention back to renewable energy stocks following the Russian invasion of Ukraine, which has caused a surge in oil and gas prices. Brent crude prices are up by almost 35% year-to-date, trading at over $105 per barrel, while gas prices in Europe hit all-time highs earlier this month, amid uncertainties about supplies. This could make energy importing countries more serious about accelerating their shift toward renewables, including hydrogen and fuel cells, as a means of improving energy independence. Separately, FuelCell Energy recently published its Q1 FY'22 earnings, with revenue growing by a stronger than expected 113% year-over-year to $31. 8 million. Now although the company's net loss for the quarter was wider than expected, expanding the top line is likely the key priority for investors at this phase. While FCEL stock may see lower levels in the