NEW YORK (TheStreet) -- FuelCell Energy (FCEL) dropped 4.47% to $2.99, down 14 cents from its previous close of $3.13, at the close of the trading day on Thursday in sympathy with peer company Plug Power (PLUG), which priced a registered offering of 3,902,440 shares of common stock at $5.74 a share.
Plug Power anticipates gross proceeds of approximately $22.4 million from the public offering and net proceeds of approximately $21.5 million. The company intends to use the net proceeds from the sale for working capital and other general corporate purchases such as capital expenditures.
FuelCell amassed a volume of 49,107,707, well above its average of 9,701,980. It hit a low of $2.85 and a high of $3.20 for the day. The stock had risen along with Plug Power's surge throughout the week after the latter company's announced deal with Wal-Mart (WMT).
TheStreet Ratings team rates FUELCELL ENERGY INC as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FUELCELL ENERGY INC (FCEL) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins, weak operating cash flow and generally high debt management risk."