Renewable energy stocks, such as FuelCell Energy (NASDAQ:FCEL), Fuel Tech (NASDAQ:FTEK) and Ocean Power Technologies (NASDAQ:OPTT), are skyrocketing on Tuesday morning. And the move higher appears to be riding the news of President Donald Trump tweeting that he and his team will allow the transition to President-elect Joe Biden to begin.
That said, renewable energy stocks will likely thrive under a Biden presidency. In fact, his $2 trillion sustainable energy infrastructure plan will push these three names and more higher over the next four years. This also includes other important sectors, like solar stocks and cannabis stocks — both of which have also received a boost from Biden’s election win.
However, it is these three renewable energy stocks that have major gains on Tuesday. And let’s take a closer look at why each is skyrocketing:
- FuelCell Energy
- FCEL stock was up nearly 6% on volume of nearly 100 million shares as of this writing.
- The FuelCell stock price has had a solid run up over the past two weeks, including a 54% increase on Monday.
- The company won’t report fourth-quarter earnings until early 2021, but will look to ride out 2020 with this momentum.
- Year-to-date, FCEL stock is up 260% — including a gain of 349% so far this month.
- Fuel Tech
- FTEK stock was up more than 80% on volume of almost 79 million shares as of this writing.
- The price of Fuel Tech stock has truly struggled for nearly all of 2020. But the past three trading days have wiped out all the negatives.
- The company announced Q3 earnings earlier this month, and FTEK stock jumped 64% the following day.
- YTD, Fuel Tech stock is up 466%, and 652% higher in November.
- Ocean Power Technologies
- OPTT stock was about 56% higher on volume of more than 40 million shares as of this writing.
- The price of these shares have rebounded well in the second half of 2020.
- Based on its recent history, the firm will likely report Q2 earnings results toward the beginning of December.
- YTD, OPTT stock is up 266%.
With all of that in mind, keep an eye on these renewable energy stocks as we get closer to Inauguration Day on Jan. 20.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.