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This is why the FuelCell energy stock price is extending its October rally

Updated: 18 Oct 2021

FuelCell Energy (NASDAQ: FCEL) stock is extending its gains further today, recording a 15% price hike in the early hours of Monday trading. 

The stock price of the renewable energy company is currently pushing towards the $8.50 mark, recovering from a bout of losses from the start of July. A favorite in the hyped atmosphere of retail investors, FuelCell is back on the rise. With no specific company news, we can only assume the stock has found its way once again into the momentum-fueled portfolio of retail traders once again, perhaps supported by a positive September earnings report – with revenue smashing analyst expectations at $26.8 million as opposed to $20.7.

The initial surge came at the end of 2020 when the FCEL stock price rose from $2.58 to astonishing highs of $29. The stock has retracted since then, with gains only appearing as retracements in a wider downward trend. October has sparked another bull run, with stock increasing from around the $6 mark towards today’s price of $8.63. 

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Many clean energy stocks have become the focus for retail and institutional investors as of late, with environmental innovation pushing the ways in which industry and manufacturing interact with the market. FuelCell’s hydrogen-based batteries pose an interesting glimpse into an approaching future, but with significant competition, who will be the main catalyst when the transition becomes more apparent.

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