Fuel Tech, Inc. (NASDAQ:FTEK) Sees Large Drop in Short Interest

Fuel Tech, Inc. (NASDAQ:FTEK) was the recipient of a significant decline in short interest in the month of July. As of July 15th, there was short interest totaling 110,212 shares, a decline of 44.6% from the June 30th total of 199,073 shares. Based on an average daily volume of 191,241 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.4% of the company’s shares are sold short.

Fuel Tech Trading Down 4.8%

Shares of FTEK traded down $0.07 during midday trading on Wednesday, reaching $1.38. 95,376 shares of the company were exchanged, compared to its average volume of 255,504. Fuel Tech has a 1-year low of $1.17 and a 1-year high of $3.65. The stock has a 50-day moving average price of $1.60 and a 200-day moving average price of $1.46. The company has a market cap of $43.01 million, a price-to-earnings ratio of -15.33 and a beta of 1.24.

Fuel Tech (NASDAQ:FTEK) last posted its earnings results on Tuesday, May 5th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter. The company had revenue of $6.08 million during the quarter, compared to analyst estimates of $7.62 million. Fuel Tech had a negative net margin of 11.15% and a negative return on equity of 7.34%. Equities research analysts anticipate that Fuel Tech will post -0.12 earnings per share for the current year.

Institutional Trading of Fuel Tech

Hedge funds have recently made changes to their positions in the company. Grace & White Inc. NY lifted its position in shares of Fuel Tech by 3.7% during the first quarter. Grace & White Inc. NY now owns 1,541,307 shares of the industrial products company’s stock worth $1,880,000 after purchasing an additional 55,424 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Fuel Tech by 22.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,407,806 shares of the industrial products company’s stock valued at $1,718,000 after purchasing an additional 259,811 shares in the last quarter. Vanguard Group Inc. increased its stake in Fuel Tech by 7.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,013,864 shares of the industrial products company’s stock worth $3,042,000 after buying an additional 72,895 shares during the period. Geode Capital Management LLC lifted its holdings in Fuel Tech by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 517,658 shares of the industrial products company’s stock worth $1,305,000 after buying an additional 17,766 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in Fuel Tech by 218.3% in the 4th quarter. XTX Topco Ltd now owns 178,303 shares of the industrial products company’s stock worth $278,000 after buying an additional 122,291 shares in the last quarter. Hedge funds and other institutional investors own 20.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Weiss Ratings raised shares of Fuel Tech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Zacks Research raised Fuel Tech from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Wall Street Zen downgraded Fuel Tech from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fuel Tech currently has an average rating of “Reduce”.

About Fuel Tech

Fuel Tech, Inc (NASDAQ: FTEK) is a specialty technology and engineering company focused on developing and supplying clean air solutions for the power generation and industrial markets. The company designs, manufactures and markets proprietary chemical reagents and process control systems that help customers reduce emissions of nitrogen oxides (NOx), mercury and other air pollutants. Its technology platform combines advanced process modeling, plant optimization software and field testing services to help utilities and industrial facilities comply with environmental regulations and improve operational efficiency.

Fuel Tech’s core product lines include selective catalytic reduction (SCR) optimization systems, activated carbon injection solutions for mercury capture, and sorbent enhancement additives for flue gas desulfurization processes.