Why Plug Power, Bloom Energy, and FuelCell Energy Stocks Catapulted Today
Hydrogen fuel cell stocks rocketed on Monday alongside investor interest in clean energy stocks as the two-week COP26 climate summit got underway in Glasgow, Scotland, and President Joe Biden's reconciliation infrastructure bill inches closer to passing. Big numbers from electric vehicle (EV) manufacturers further fueled the fire. By market close Monday, here's how much the top hydrogen stocks had rallied:
Fuel cell stocks have been red-hot in recent days, with each of the three stocks blasting double-digits higher in the month of October. Plug Power and Bloom Energy, in particular, shot up more than 50% each, buoyed by a series of deals and multiple analyst stock upgrades. As is often the case, when one stock gets a strong analyst upgrade, other stocks within the industry attract attention as well.
That appears to be the case today. Last Friday, Piper Sandler analyst Pearce Hammond upgraded his price target on Plug Power stock to $46 a share from $37 per share based on the company's latest sales outlook for 2022 and upcoming catalysts from COP26 and Biden's infrastructure bill.
Source Fool.com
