B. Riley Securities Rates FuelCell Energy (FCEL) buy

B. Riley Securities has upgraded FuelCell Energy, Inc. to a 'Buy' rating with a $32 price target, a 11.14% downside from the current price.

By TradeTexts Research Desk · Published Jun 29, 2026, 11:01 AM EDT · Updated Jul 1, 2026, 11:01 AM EDT

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B. Riley Securities rated FuelCell Energy, Inc. ($FCEL) "buy" with a $32 price target on June 29, 2026.

Since the rating, $FCEL is down 0.2% after 1 week, down 39.3% after 1 month and down 56.4% to date (from the $29.80 close on Jun 29, 2026).

FCEL FuelCell Energy, Inc.

$13 +59.12% year to date

Daily close · Oct 16, 2026

Key Points

B. Riley Securities upgraded FuelCell Energy, Inc. to a 'Buy' on June 29, 2026, with a price target of $32.
B. Riley Securities's $32 price target implies 11.14% downside from FuelCell Energy, Inc.'s ($FCEL) current $36.01 share price.
FuelCell Energy trades near $24 on NasdaqGM with a 52-week range between $3.78 and $27.69.
Recent insider activity shows multiple buy and sell transactions involving company executives.

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B. Riley Securities has upgraded its rating on FuelCell Energy, Inc. (NasdaqGM: FCEL) to 'Buy' as of June 29, 2026. Analyst Ryan Pfingst set a new price target of $32 for the company. This upgrade reflects a positive outlook on the company's potential.

Analyst rating track record

B. Riley Securities vs. the S&P 500

YTD return +11.28% hypothetical

All-time return +53.55% S&P 500 +18.41%

vs. S&P 500 +35.14% ahead of the index

Hypothetical returns from B. Riley Securities's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in FuelCell Energy

Several institutional investors have adjusted their positions in FuelCell Energy. Vanguard Capital Management LLC opened a new position with 2,181,764 shares valued at approximately $14.25 million. Susquehanna International Group, LLP increased its holdings by 485,873 shares, ending with 1,720,168 shares worth about $11.23 million, marking a 39.4% increase. Two Sigma Investments, LP also boosted its stake by 276,272 shares, reaching a total of 1,281,216 shares valued at $8.37 million, a 27.5% rise. Meanwhile, Legal & General Group PLC slightly reduced its position by 27,437 shares, resulting in 2,865,746 shares worth roughly $18.71 million, a 0.9% decrease.

FuelCell Energy, Inc. Stock Up 154.3%

Shares of FuelCell Energy traded near $24 on Monday. The company has a market cap of approximately $1.62 billion. FuelCell Energy isn't profitable, reflected by its negative forward P/E ratio. The stock's 52-week range has been between $3.78 and $27.69, with a 50-day moving average of $17.47 and a 200-day moving average of $10.25. The company's beta is 2.435, indicating higher volatility compared to the market.

12-month forecast

$FCEL price target

FuelCell Energy, Inc. daily closes and this analyst's $32 target. Not advice.

Recent Earnings

FuelCell Energy reported revenue of $167.88 million, though it experienced a slight revenue decline of 4.9%. The company posted a negative net margin of 132.41% and a return on equity of -30.66%. The next earnings report is expected on September 9, 2026.

Insider Buying and Selling at FuelCell Energy, Inc.

Recent insider transactions at FuelCell Energy include a purchase by Livingston III Homer John of 6,430 shares on June 11, 2026. EVP and Chief Product & Technology Officer Shankar Achanta sold 492 shares at $13.70 on May 8, 2026, while also buying 2,020 shares on the same day. Additionally, Von Althann Natica bought 23,859 shares on April 21, 2026.

Analysts Set New Price Targets

On June 29, 2026, B. Riley Securities upgraded FuelCell Energy to a 'Buy' with a $32 price target. UBS maintained its 'Hold' rating with a $22 target on June 26, 2026. Jefferies upgraded the stock to 'Buy' with a $24 target on the same day. The consensus among analysts is a 'Hold' rating, with an average target price of $18.83 based on six opinions.

About FuelCell Energy

FuelCell Energy, Inc. designs and manufactures high-temperature fuel cells for clean power generation. The company offers carbonate fuel cell technology and is working on commercializing solid oxide electrolysis technology for hydrogen production. It provides solutions for on-site power, grid support, and microgrid applications. Headquartered in Danbury, Connecticut, the company serves various sectors, including utilities, data centers, and industrial facilities. Founded in 1969, FuelCell Energy operates primarily in the U.S., South Korea, Europe, and Canada.

Bottom Line

B. Riley Securities' upgrade of FuelCell Energy to 'Buy' with a $32 target highlights growing interest in the company's prospects. Investors track these updates to gauge market sentiment and potential future performance. Keep in mind that analyst ratings and 13F filings are backward-looking and may not reflect current positions or conditions.