Fuel cell stocks were taking a beating on Tuesday with many of the major players in the space seeing their shares fall in the early morning trading.
Starting off, let’s take a look at how some of the biggest names in the business are being affected today.
- FuelCell Energy (NASDAQ:FCEL) shares are up slightly Tuesday morning after starting trading off much lower.
- Plug Power (NASDAQ:PLUG) stock also started the day off down but has recovered and is now climbing over 6%.
- Bloom Energy (NYSE:BE) shares were likewise down this morning until recovering and rising 3.3%.
- Ballard Power Systems (NASDAQ:BLDP) stock saw shares begin trading below yesterday’s close but has since recovered and is up 1.2%.
All of these stocks starting off down on Tuesday were likely leftover negatives from their falls on Monday. As for what had them down then, Workhorse Group (NASDAQ:WKHS) released less than stellar earnings. That included misses, as well as lowered production targets.
That negative news caused many stocks in the fuel cell industry to fall alongside WKHS shares. It’s likely that most of these stocks are simply recovering from recent declines. However, a bright note today appears to have reignited hope in investors.
Plug Power provided a business update today with expectations for what it will report in Q1 2021. That includes gross billings of $70 million, which would be a 60% increase from Q1 2021. It’s also looking for revenue to come in at $67 million. That would be an increase of more than 60% from the same time last year. However, that wouldn’t have it beating Wall Street’s estimate of $77 billion for the quarter.
Either way, it looks like fuel cell stocks may be on the road to recovery. That’s something investors are no doubt looking forward to as shares in the sector took quite a beating last week.
Investors that want to see more hot news today should stick around.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.