Why Bloom Energy Shares Dropped Today
Higher-risk sectors are out of favor with investors right now, as demonstrated by a monthlong downtrend in hydrogen fuel cell stock Bloom Energy (NYSE: BE). Today, Bloom shares had plunged 7.5% as of 3:30 p.m. ET. That brings the last month's loss in Bloom Energy to nearly 25%.
After the Inflation Reduction Act (IRA) was signed into law more than a month ago, many alternative energy stocks soared. That included Bloom Energy, but it's been downhill ever since. Investors just don't want to look that far into the future as short-term economic uncertainty remains.
Hydrogen gets some large subsidies in the legislation, and Bloom should benefit from it. That makes the stock a buy to some investors, but most don't want to even be in the alternative energy sector right now.
Source Fool.com
