Why Plug Power, Enphase Energy, and Bloom Energy Dropped Monday

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Many former high-flying alternative energy stocks have been on a downtrend in recent weeks. Shares of fuel cell companies Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE) have dropped 40% and 22%, respectively, since the start of March. And the stock of solar power technology company Enphase Energy (NASDAQ: ENPH) is down 24% in that time. 

That trend continues today, with the following share declines, as of 12:25 p.m. EDT:

A general rotation out of the renewable energy sector began after many of these stocks outperformed most sectors last year. Returns in 2020 from these stocks ranged from more than 280% in Bloom Energy to 973% for Plug Power. But added uncertainty and profit taking accelerated when Plug Power announced earlier this month that it would need to restate three years’ worth of financial results. The stocks’ decline today seems to continue to reflect that sentiment, as there is no related company-specific news. 

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