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Shares of hydrogen fuel cell producer FuelCell Energy, Inc. (NASDAQ:FCEL) tumbled almost 8.6% in the regular session on Monday and further fell 0.5% in the extended session.
What Happened: The dip in FuelCell Energy shares came despite no company-specific news. However, the shares are speculated to have fallen in sympathy with peer Plug Power Inc. (NASDAQ:PLUG), which tumbled 8.1% in the regular trading session.
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On Monday, Morgan Stanley downgraded Plug Power from Overweight to Equal-Weight and announced a $35 price target.
According to Morgan Stanley, the Plug Power stock price already reflects a significant portion of the company's expected rapid growth. However, Morgan Stanley added that Plug Power’s product advantages, strong balance sheet, and strategic partnerships position the company well for the transition to a hydrogen economy.
See Also: 2 Fuel Cell Stocks That Could Change Course: Ballard Power Systems, Plug Power Technical Levels
Why It Matters: Danbury, Connecticut-based FuelCell Energy manufactures and sells fuel-cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.
FuelCell Energy is seen as a candidate for growth if the Joe Biden administration is to fully embrace clean energy which would provide favorable business conditions for the company in the coming years, providing strength to the electric vehicle, fuel cell, and biogas industries at large.
See also: How to Buy FuelCell Energy (FCEL) Stock
While initiating coverage on more stocks in the cleantech space, including Plug Power and FuelCell Energy in late March, Northcoast Research analyst Tom Hayes noted that the hydrogen industry supply chain is showing “early signs of success” to help lower the cost of the cleantech. The increased use of hydrogen as a fuel is coming from a renewed focus on decarbonization, the analyst added.
Price Action: FuelCell Energy shares closed almost 8.6% lower on Monday at $11.39 and further declined 0.5% in the after-hours session to $11.33.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.