Why Plug Power, Bloom Energy, and Other Fuel Cell Stocks Jumped Today
Plug Power (NASDAQ: PLUG) stock rocketed on Monday and was up a whopping 14.4% as of 11:50 a.m. ET, but it wasn't the only hydrogen stock rebounding so sharply this morning. Here's how other notable hydrogen fuel cell stocks are faring:
Today's rally offered a much-needed respite to investors who've watched hydrogen fuel cell shares crash -- some even to their 52-week lows -- in recent weeks. Could today's rebound then signal a bottoming for these hot stocks ahead of earnings?
Soaring inflation, upcoming interest rate increases, rising coronavirus cases, and geo-political concerns, such as the conflict between Ukraine and Russia, have all combined to create the perfect storm for growth stocks. With valuations soaring as well, market participants, right from investors to analysts, started to feel nervous and dumped growth stocks. Barely a week ago, investment bank Truist cut price targets for several hydrogen fuel cell stocks, triggering a sell-off in shares.
Source Fool.com
