FuelCell’s stock soars toward matching longest win streak in nearly 7 years

FuelCell’s stock soars toward matching longest win streak in nearly 7 years

Shares of FuelCell Energy Inc. FCEL, +24.90% soared 19.8% on heavy volume toward a more than 2-year high in afternoon trading Wednesday, amid continued optimism surrounding COVID-19 aid deal Congress passed this week, which included provisions for fuel cell technologies. Trading volume swelled to 139.5 million shares, compared with the full-day average of about 88.0 million shares.

FuelCell’s stock has now rallied for a 7th-straight session, and has charged up 67.1% during that stretch. The current streak matches two other 7-day win streaks seen this year, including one that ended Nov. 23 and the other than ended June 8; those were the longest win streaks since the 8-day stretch of gains ended Feb. 18, 2014. As part of the aid deal, Congress extended the 26% investment tax credit (ITC) for fuel cells for two years, while existing law calls for the ITC to fall to 22% in 2021 and to 10% in 2022, as Raymond James analyst Pavel Molchanov explained. FuelCell’s stock, which is on track for the highest close since October 2018, has skyrocketed 477.3% over the past three months, while the S&P 500 SPX, +0.07% has gained 14.5%.

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