Why Plug Power, Enphase Energy, and Bloom Energy Stocks Dropped Today
Stock investors have been rotating out of high-flying technology stocks recently, anticipating a recovery in other businesses that were hardest hit by pandemic restrictions. Alternative energy names continue to be sold today, including Plug Power (NASDAQ: PLUG), Enphase Energy (NASDAQ: ENPH), and Bloom Energy (NYSE: BE).
As of noon EST Friday, shares of Plug Power were down 12.1%, and Enphase and Bloom Energy were down 11.1% and 10%, respectively.
There's good reason for these names to experience a correction in share price. In just the past 12 months, the stocks of Plug, Enphase, and Bloom Energy are up 656%, 151%, and 140%, respectively. That in itself isn't a reason for the stocks to go down, but the valuations have gotten excessive, and Plug Power and Bloom Energy are not even profitable at this point....