Why Plug Power and Bloom Energy Stock Dipped Today, but Electrameccanica Vehicles Surged
The new year is off to a confusing start for renewable energy investors, with shares of fuel cell stocks Bloom Energy (NYSE: BE) and Plug Power (NASDAQ: PLUG) both tumbling -- down 3.4% and 4.7%, respectively, at 11:55 a.m. EST on Monday -- while electric car company Electrameccanica Vehicles (NASDAQ: SOLO) revved up for a 7.3% gain.
All three stocks are tied to the alternative energy industry in one way or another, betting that the future will see less oil used to power production and transportation, and greater use of batteries and other means of producing electricity. The three companies also racked up impressive gains in 2020, but some were more impressive than others.
Over the course of the past 12 trading months, Plug shares led the pack with a 787% gain, while Bloom shares soared 255%. Electrameccanica lagged behind and was up "only" 183%. That may be part of the reason that investors are taking profits from Plug Power and Bloom Energy stocks today, but betting that Electrameccanica still has gas in the tank (if you'll pardon the expression).
Source Fool.com
