Wall Street Zen Initiates Coverage on Fuel Tech (NASDAQ:FTEK)

Equities researchers at Wall Street Zen assumed coverage on shares of Fuel Tech (NASDAQ:FTEK) in a report released on Wednesday. The firm set a “hold” rating on the industrial products company’s stock.

Separately, HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Fuel Tech in a research report on Thursday, March 6th.

Fuel Tech Stock Up 5.0%

FTEK stock opened at $1.68 on Wednesday. The firm has a market cap of $51.71 million, a P/E ratio of -84.00 and a beta of 4.38. Fuel Tech has a 52-week low of $0.87 and a 52-week high of $1.80. The company’s 50-day simple moving average is $1.03 and its 200-day simple moving average is $1.02.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Peapod Lane Capital LLC purchased a new stake in shares of Fuel Tech during the 4th quarter valued at about $1,027,000. Virtu Financial LLC bought a new stake in shares of Fuel Tech during the 4th quarter valued at about $26,000. Renaissance Technologies LLC raised its position in shares of Fuel Tech by 15.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,039,609 shares of the industrial products company’s stock worth $1,092,000 after purchasing an additional 138,169 shares during the period. XTX Topco Ltd acquired a new stake in Fuel Tech in the fourth quarter worth $27,000. Finally, Millennium Management LLC grew its position in Fuel Tech by 70.1% in the 4th quarter. Millennium Management LLC now owns 58,571 shares of the industrial products company’s stock worth $62,000 after purchasing an additional 24,129 shares during the last quarter. 20.94% of the stock is currently owned by hedge funds and other institutional investors.

Fuel Tech Company Profile

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.