Fuel Tech (NASDAQ:FTEK) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Fuel Tech, Inc. (NASDAQ:FTEK) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.01 and traded as high as $1.65. Fuel Tech shares last traded at $1.54, with a volume of 1,279,013 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on FTEK shares. StockNews.com assumed coverage on Fuel Tech in a research note on Wednesday. They issued a “hold” rating for the company. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Fuel Tech in a research report on Thursday, March 6th.

Fuel Tech Stock Up 4.1%

The stock has a market capitalization of $47.40 million, a P/E ratio of -77.00 and a beta of 4.38. The firm’s 50-day simple moving average is $1.00 and its 200 day simple moving average is $1.01.

Fuel Tech (NASDAQ:FTEK) last posted its quarterly earnings data on Monday, May 12th. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). The firm had revenue of $6.38 million for the quarter, compared to the consensus estimate of $6.64 million. Fuel Tech had a negative return on equity of 1.37% and a negative net margin of 2.29%. As a group, equities analysts anticipate that Fuel Tech, Inc. will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Fuel Tech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC lifted its stake in Fuel Tech by 11.8% in the 1st quarter. Essex Investment Management Co. LLC now owns 124,241 shares of the industrial products company’s stock worth $130,000 after acquiring an additional 13,106 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Fuel Tech by 70.1% in the 4th quarter. Millennium Management LLC now owns 58,571 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 24,129 shares during the period. Virtu Financial LLC purchased a new stake in shares of Fuel Tech in the fourth quarter worth approximately $26,000. XTX Topco Ltd purchased a new position in Fuel Tech during the fourth quarter valued at approximately $27,000. Finally, Grace & White Inc. NY increased its stake in Fuel Tech by 1.7% in the 1st quarter. Grace & White Inc. NY now owns 1,899,149 shares of the industrial products company’s stock valued at $1,994,000 after buying an additional 31,022 shares during the period. 20.94% of the stock is currently owned by hedge funds and other institutional investors.

About Fuel Tech

Fuel Tech, Inc provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. The company operates through Air Pollution Control Technology and FUEL CHEM Technology segments. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources; NOxOUT and HERT selective non-catalytic reduction systems; selective catalytic reduction systems comprising ammonia injection grid, and graduated straightening grid systems; I-NOx systems; ESP Processes and Services; ULTRA technology; and flue gas conditioning systems.