Why Alternative Energy Stocks Plummeted This Week
It was a rough week on the market for alternative energy companies, especially in the fueling space. Shares of Clean Energy Fuels (NASDAQ: CLNE) fell 16.5% in the first four days of trading, hydrogen company Ballard Power Systems (NASDAQ: BLDP) dropped 10.5%, and EV charging companies Blink Charging (NASDAQ: BLNK) and ChargePoint Holdings (NYSE: CHPT) fell 11.5% and 16.6% respectively.
A combination of falling fossil fuel prices, lower production of EVs, and a sell-off in growth stocks hit all of these companies this week. And investors may simply be taking some profits after a huge run-up in alternative energy stocks over the past year.
Image source: Getty Images.
Source Fool.com
