The price of fuel cell stocks finally showed signs of correction after an incredible run since the beginning of 2014. Leading players in the plug power space like FuelCell Energy (FCEL – Snapshot Report), Ballard Power Systems Inc. (BLDP –Snapshot Report) and Plug Power Inc. (PLUG – Snapshot Report) have shed 16.54%, 25.87% and 41.51%, respectively, yesterday.
Drop After a Dream Run
Fuel cell stocks were on a bull run since the beginning of the year, fired by strong fundamentals and the new-found prospects of fuel cell technology in the green energy space. In addition, a big order clinched by Plug Power from retail giant Wal-Mart Stores Inc. (WMT – Analyst Report) added further stimulus to its share price.
However, a correction in prices were on the cards as the top three stocks, namely, FuelCell Energy, Ballard Power and Plug Power had gained nearly 178.7%, 325.6% and 565.2% respectively till Mar 11 from the beginning of the year.
— Zacks Investment Research