Why Nikola, Plug Power, and Bloom Energy Stocks Jumped Today

Shares of companies investing in the hydrogen fuel-cell sector have been on an extended downtrend. The stocks of Nikola (NASDAQ: NKLA), Plug Power (NASDAQ: PLUG), and Bloom Energy (NYSE: BE) are down between 39% and 57% in the past three months. Today, however, investor sentiment is turning and giving shares of those companies a bump. As of 3:45 p.m. EDT Wednesday, shares of Nikola, Plug, and Bloom Energy were up 6.3%, 5.8%, and 5.1%, respectively.

Each of these names has had negative press over the past year. Nikola was called out by a short-seller for exaggerating the ability of its semitruck technology and other items that forced founder and chairman Trevor Milton to resign last year. Plug Power recently said it was going to have to restate three years' worth of financials related to the accounting of warrants it issued to customers as incentives, and Bloom Energy was the subject of a Wall Street Journal article in December 2020 that highlighted accusations made by the same short-seller that exposed the issues with Nikola.

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Source Fool.com