Fuel Tech (NASDAQ:FTEK) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com initiated coverage on shares of Fuel Tech (NASDAQ:FTEK) in a report issued on Thursday. The brokerage set a “hold” rating on the industrial products company’s stock.

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

Fuel Tech Stock Down 3.1 %

Shares of FTEK stock opened at $0.94 on Thursday. The firm has a market cap of $28.97 million, a price-to-earnings ratio of -47.17 and a beta of 4.25. Fuel Tech has a 52-week low of $0.87 and a 52-week high of $1.34. The company’s 50 day moving average is $0.98 and its 200 day moving average is $1.01.

Fuel Tech (NASDAQ:FTEK) last announced its quarterly earnings results on Tuesday, March 4th. The industrial products company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company had revenue of $5.28 million during the quarter, compared to analysts’ expectations of $5.63 million. Fuel Tech had a negative net margin of 2.29% and a negative return on equity of 1.37%. During the same quarter in the prior year, the business posted ($0.02) earnings per share. Analysts anticipate that Fuel Tech will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Fuel Tech

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