Analyst Believes The Street Has 'Woken Up' To Recovering Fundamentals In Fuel Cell Space

Stocks in the Fuel Cell group have been the recent momentum-du-jour play over the last week or two. The Benzinga Newsdesk has been tracking three names in the space which have seen substantial upside since late February: FuelCell Energy FCEL, Plug Power PLUG, and Ballard Power BLDP. Ballard Power is the current leader in this space; however, each of the stocks have had extremely impressive gains. Since February 24th, Ballard shares are up a jaw-dropping 122 percent, FuelCell shares are up nearly 94 percent, and shares of Plug Power are up about 80 percent. While the rocket higher in these names is loosely correlated to a strong earnings report from Ballard Power on the evening of February 25th, the sheer magnitude of the rise has many traders stumped. One sell-side analyst the Newsdesk spoke with earlier cited several reasons for the move, including a recovery in fundamentals and a recent uptick in customer adoption. The analyst believes the Street has only recently "woken up" to these two aforementioned items. Volatility in the group will likely continue for at least the next week. FuelCell Energy is expected to report first-quarter results on March 10th, while Plug Power is expected to post quarterly figures on March 13th. Tune into Benzinga's earnings feed here for FuelCell and here for Plug Power.