BUZZ-FuelCell Energy tumbles after starting $200 mln stock offering

Citigroup Inc.
FuelCell Energy, Inc.

Citigroup Inc.

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FuelCell Energy, Inc.

FCEL

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** Renewable power firm FuelCell Energy FCEL.O shares down 15.6% post-market to $21.91 as it seeks equity raise

** FCEL launches $200 mln stock offering

** Co intends to use net offering proceeds for capex to expand manufacturing capacity, working capital and general corporate purposes

** Citigroup and Barclays joint bookrunners

** Danbury, Connecticut-based FCEL has ~67.6 mln shares outstanding for roughly $1.8 bln market cap

** FCEL shares finished down 12.7% at $25.96 on Tues but are up 255% YTD

** Avg rating of 8 analysts is "hold"; median PT $23, per LSEG data