Penny Stocks To Buy [or ignore] #1: FuelCell Energy
Finally, one of the more popular companies on this list of penny stocks for the last few weeks, FuelCell Energy (FCEL – Free Report) continued its climb last week. Shares closed at $2.40 on Friday, which was just shy of its high of $2.42. This year, the energy penny stock already reached 2020 highs of $2.93 before pulling back during the first week of January. However, since then the stock has continued to inch higher.
The initial move came after a big corporate update from the company in November. We covered this in detail starting in late-October in the article, “5 Penny Stocks To Watch When You’re Short On Time.” Since then, FCEL stock has been on a rampage. Keep in mind that at the time, the stock traded between $0.23-$0.33. Fast-forward to this week and the penny stock is in a whole different realm.
So what has helped FuelCell Energy jump over 780% since then? Execution has become a key focus for the company. This includes executing from an internal fundamental aspect as well as an outbound growth initiative.
Back in November, the company inked a $60 million deal with Exxon Mobil Corp (XOM – Free Report). The deal focuses on FuelCell’s proprietary technology that uses a carbonate fuel cell to capture carbon dioxide streams from large industrial sources. Exxon aims to pilot test the technology at one of its sites.
On top of this, the company has launched commercial operations in California, as well as developing and successfully launching its 7-year extended life stack modules earlier this month. This week will be important as the company is set to deliver a 4th quarter and full-year financial results conference call on January 22.
