Why Nikola and Hydrogen Fuel Stocks Jumped Today
Stocks in the clean energy sector have been hit hard recently, but are bouncing off recent lows Tuesday. Nikola (NASDAQ: NKLA), Bloom Energy (NYSE: BE), and Brookfield Renewable Partners (NYSE: BEP) are all playing a role in growing hydrogen as a fuel source, and their stocks are all moving up today. As of 2:10 p.m. EST, shares of Nikola were up 10.1%, Bloom shares had jumped 8.6%, and Brookfield Renewable had gained 5.6%.
The stocks of Nikola and fuel-cell company Bloom Energy had dropped more than 30% in the past month, as investors rotated out of alternative energy and technology names and into more value-oriented sectors. Even the shares of Brookfield Renewable, which is a more conservative and diversified renewable energy company, declined 17% in the last four weeks.
While Nikola may be the most well-known name of these stocks from its hydrogen fuel cell electric vehicle (FCEV) program for semitrucks, Bloom Energy and Brookfield Renewable will play an important role in growing hydrogen as a clean fuel.
Source Fool.com
