Why Hydrogen Stocks Skyrocketed Higher This Week
Shares of hydrogen companies had an incredible week as investors dove back into higher-risk assets and some strange trading dynamics hit the market early in the week. On top of the strange trading, a $1.7 billion conditional loan guarantee is helping the industry.
According to data provided by S&P Global Market Intelligence, shares of Plug Power (NASDAQ: PLUG) were up as much as 32%, FuelCell Energy (NASDAQ: FCEL) was up 21.4%, and Bloom Energy (NYSE: BE) rose 9.9% at its peak. The three stocks were up 30.1%, 19.6%, and 9.6%, respectively, as of 1 p.m. ET on Friday afternoon.
At least part of the move this week was because of a short squeeze in stocks. On Monday, Reddit personality Roaring Kitty made a return and caused traders to speculate there could be short squeezes in some stocks. That caused dozens of stocks to have major moves higher, and as highly shorted stocks, Plug Power, FuelCell Energy, and Bloom Energy were some of the beneficiaries of that speculation.
Source Fool.com
