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Reading into the Moving Averages and Analyst Estimates for Renewable Energy Companies

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Nov. 20 2020, Updated 1:37 p.m. ET

Most renewable energy companies are trading below their moving averages

As of January 12, 2016, FuelCell Energy (FCEL) was trading 39% below its 100-day moving average. By comparison, SolarCity Corporation (SCTY) was trading 7.4% above its 100-day moving average as of the same day. As of December 15, SolarCity was actually trading 5% below its 100-day moving average, and then the stock spiked by approximately 100% to $53 from its lows during November month. SCTY is currently trading at $44.72.

Meanwhile, as of January 12, Plug Power (PLUG) was trading 12.5% below its 100-day moving average, and EnerSys (ENS) was trading 5.4% below its 100-day moving average as of the same day.

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As of January 12, FuelCell was trading 2% below its 20-day moving average. By contrast, SolarCity was trading 11% below its 20-day moving average, whereas the Guggenheim Solar ETF (TAN) and the VanEck Vectors Global Alternate Energy ETF (GEX) were trading 12% and 4.5% below their respective 100-day moving averages. Meanwhile, the PowerShares WilderHill Clean Energy ETF (PBW) was trading 8% below its 100-day moving average as of the same day.

Notably, the stock of Plug Power and EnerSys has fallen by 24% and 15%, respectively, over the last three months, whereas FuelCell Energy’s stock has fallen by 48%.

Wall Street analyst consensus estimates still suggest an impressive upside

Wall Street analyst consensus estimates suggest a whopping 88% upside for these four renewable energy companies. Over the next 12 months, FuelCell Energy and Plug Power could see rises of 200% and 70%, respectively, from their levels as of January 12. EnerSys could see a 26% rise, while SolarCity could see a 52.3% rise over the next 12 months.

SolarCity has a 4.7% weight in the Guggenheim Solar ETF (TAN), and EnerSys accounts for 4.2% of the VanEck Vectors Global Alt Energy ETF (GEX). SolarCity has a 1.8% weight in the PowerShares WilderHill Clean Energy ETF (PBW).

For more analysis, check out Market Realist’s Energy and Power page.

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