Fuel Tech (NASDAQ:FTEK) Shares Cross Above 200-Day Moving Average – Here’s Why

Shares of Fuel Tech, Inc. (NASDAQ:FTEK) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.02 and traded as high as $1.10. Fuel Tech shares last traded at $1.03, with a volume of 175,691 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com began coverage on shares of Fuel Tech in a research report on Saturday. They set a “hold” rating for the company.

Fuel Tech Stock Performance

The company’s fifty day moving average is $1.01 and its two-hundred day moving average is $1.02. The company has a market cap of $31.63 million, a price-to-earnings ratio of -51.50 and a beta of 4.07.

Institutional Investors Weigh In On Fuel Tech

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC grew its stake 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. Peapod Lane Capital LLC purchased a new position in shares of Fuel Tech during the 4th quarter valued at approximately $1,027,000. Millennium Management LLC lifted its position in shares of Fuel Tech by 70.1% during the 4th quarter. Millennium Management LLC now owns 58,571 shares of the industrial products company’s stock valued at $62,000 after buying an additional 24,129 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Fuel Tech during the 4th quarter valued at approximately $27,000. Finally, Virtu Financial LLC purchased a new position in shares of Fuel Tech during the 4th quarter valued at approximately $26,000. Institutional investors and hedge funds own 20.94% of the company’s stock.

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.