Why Fuel Cell Energy, Plug Power, and Bloom Energy Stocks Dropped Tuesday
Stocks in the alternative energy sector moved up dramatically in the last year. Shares of FuelCell Energy (NASDAQ: FCEL) and Plug Power (NASDAQ: PLUG) shot up more than 1,200% in the last 12 months, while Bloom Energy (NYSE: BE) stock gained almost 400%.
Now investors are starting to focus more on results as well as potential. Today, after FuelCell Energy reported its first-quarter fiscal 2021 earnings, shares dropped as much as 15%. The stock recouped some of that decline but remained down 5.3% as of noon EDT. Shares of Plug Power and Bloom Energy appear to be declining in sympathy, each down about 4%.
In its earnings release, FuelCell said its net loss increased, and its revenue decreased, from the year-ago period. Both came up short of analyst estimates, according to FactSet. Importantly for investors that have been driving shares up based on future potential, FuelCell said its backlog decreased by 7% year over year.
Source Fool.com
