Today, fuel cell stocks are all catching a bid. Indeed, the entire hydrogen fuel cell space is one that’s had some pretty serious downside momentum of late. Key players such as Plug Power (NASDAQ:PLUG), FuelCell Energy (NASDAQ:FCEL), and Bloom Energy (NYSE:BE) have seen significant drops from their peaks earlier this year.
In the case of each of these three players, investors are seeing gains of between 7% and 10% at the time of writing. Not bad, indeed.
Let’s dive into what factors are playing into today’s rise for these key hydrogen players.
Fuel Cell Stocks Rising on Company-Specific News
Today, Plug Power is in the news. The news surrounds Plug Power’s restated financials. These restated financial statements were presented early, and investors appear to be cheering the news, sending shares of PLUG stock more than 10% higher at the time of writing.
This company-specific news appears to be driving this peer group higher, alongside bullish buying among high-growth sectors today.
Plug’s announced restatement showed little in the way of backwards-looking revenue declines as many investors expected. While the company’s projected 2021 revenue of $67 million misses the mark in terms of what analysts expecting ($79 million), forward-looking projections through 2024 look strong. Indeed, Plug reported expected Q2 net revenue of $102 million. This would represent a 50% year-over-year increase. However, this would also fall short of the Wall Street consensus of $106 million for next quarter.
Right now, it appears growth stocks are once again in favor with investors as stocks continue to be repriced on the daily. Bond yields have inched lower today, providing some reprieve from inflation-linked concerns that drove yields higher in recent weeks.
A growth-to-value rotation may thus be taking a breather. For those invested heavily in hydrogen stocks, that’s a good thing. Time will ultimately tell where these growth plays go from here. However, today’s move appears to be bullish for this sector broadly.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.