Why FuelCell Energy, Denison Mines, and Enovix Stocks Popped This Week
Alternative-energy stocks performed well for investors this week, with shares of FuelCell Energy (NASDAQ: FCEL) ending Thursday trading up 9.7% from Friday's close, uranium-miner Denison Mines (NYSEMKT: DNN) gaining 13.9%, and lithium-battery maker Enovix Corporation (NASDAQ: ENVX) doing best of all -- up 15.4%. Enovix investors will be happy to hear that their stock was the only one of the three to also be "in the green" for Thursday, in particular, tacking on 1.6%.
Such a varied group of companies, however -- albeit all operating broadly in the green-energy industry -- owed their gains to different catalysts.
In the case of FuelCell, the fuel-cell industry's eponymous star owed its gains primarily to bullish pronouncements from one of its rivals, Plug Power, which announced last week that hydrogen fuel cells are getting so popular that it expects to record as much as $850 million in sales next year -- and more than triple that number by 2025. Investors are betting that what's good news for Plug will be good news for FuelCell, as well, which, at $3.1 billion in market capitalization, is far smaller than Plug and therefore has more room to grow.
Source Fool.com
