Hydrogen stocks are on the move Tuesday as investors prepare for Joe Biden to take office as the next President of the United States.
Plug Power (NASDAQ:PLUG), FuelCell Energy (NASDAQ:FCEL), Bloom Energy (NYSE:BE), and Fusion Fuel Green (NASDAQ:HTOO) are among the hydrogen stocks gaining in preparation for the next U.S. President.
So why exactly does Biden taking office matter so much to hydrogen stocks. The incoming administration has made green energy one of the goals it intends to focus on. That applies to fuel cells and the industries surrounding them.
Ahead of Biden taking office, the Department of Energy announced plans to invest in hydrogen. That includes $160 million in federal funding that will focus on the research and development of the technology.
It’s also worth noting that hydrogen stocks are seeing high amounts of trading lately. Investors are taking interest in the companies and many of them have issued new stock as a result.
Investors that are eyeing hydrogen stocks will want to take note of recent ratings. Currently, most hydrogen stocks have buy our outperform ratings that are also helping them rise higher. Combine the positive views from analysts, investors buying up shares, and the upcoming change in U.S. Presidents, and it’s no surprise that these stocks are on the move today.
PLUG stock was up 6.9%, FCEL stock was up 6.5%, BE stock was up 3.2% and HTOO stock was up 5.5% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
