Ballard Power Systems Inc. (USA) & FuelCell Energy Inc Down on Back of Dismal Performance By Plug Power Inc

The Fuel Cell space is witnessing a spill over affect from the slump in shares of Plug Power Inc PLUG. Shares of Plug Power opened down more than 14% on Wednesday following the dismal third quarter results reported by the company before market opening.


Other two marquee names in the Fuel Cell space, Ballard Power Systems Inc. (USA) BLDP and FuelCell Energy Inc FCEL also opened for trade almost 3% lower than their Tuesday closing price. It seems like the worse than expected results from Plug Power has shaken investors’ confidence in the Fuel Cell space overall.


Plug Power disappointed on both Revenue and EPS front. Whereas analysts on the Street were expecting the company to report revenue in tune of $24.37 million and an EPS loss of $0.03, Plug Power declared revenue of $19.9 and an EPS loss of $0.06 per share.


At the time of writing this, shares of Plug Power were trading at $4.28, down 15.75%, Fuel Cell shares were trading at $1.92, down almost 5% and Ballard Power Systems shares were trading almost 4% down at $2.68.


With a consensus price target of $2.70, analysts are generally bullish on Fuel Cell Energy. On August 15, analysts at Cowen and Company boosted their price target on the stock to $3.00 from $2.40.


Most analysts on the street maintain a ‘Hold’ rating on Ballard Power Systems, with the consensus price target of $3.70. On November 4, analysts at Roth Capital initiated a coverage on the stock with a ‘Buy’ rating and price target of $3.50.


In the last one year, stocks of Fuel Cell space have outperformed the market significantly. Plug Power was the leader in the rally that this space saw; its shares are up by over 700% year on year. Ballard Power Systems and FuelCell Energy investors also witnessed significant capital appreciation, with the stocks being up 100% and 44% year on year, respectively.

 

Disclosure: None 

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