Is Recovery On Horizon For Ballard, Plug Power, Bloom After Fall?

Summary

• Ballard declined more than 34% in the past month despite recording a record high of US$40.99 on February 8, 2021.
• Plug Power was down 7.62% to US$24.60 at close on Tuesday, May 4. It shed over 35% in the past 30 days.
• Bloom energy dropped over 13% in the past month. It is likely to announce its Q1 2021 results on Wednesday, May 5.

Stocks of clean energy companies Ballard Power Systems Inc. (NASDAQ:BLDP), Plug Power Inc. (NASDAQ:PLUG), and Bloom Energy Corporation (NYSE:BE) have seen a sharp decline over the past month, and their losing streak continued Tuesday, May 4, despite positive reporting in recent days.

With hopes running high that clean energy would be the next mover and shaker in the market as climate concerns take centre stage, traditional power companies have redoubled their efforts to come up with the best for customers while others are going green to keep up with the trends.

While all these three companies have been a winner in their own rights, the poor performance of the shares may have been frustrating for the investors and the management.

Here’s a look at what they have been doing or how they have performed.

Pic Credit: Pixabay.

Ballard Power Systems Inc. (NASDAQ:BLDP)

This Burnaby, Canada, headquartered company is a leading producer of fuel cell products. To date, it has produced a 400 MW capacity of fuel cell products. Its products are used in a variety of applications. A fuel cell uses hydrogen and oxygen to produce electricity.

Ballard’s key markets are China, Japan, the UK, Germany, Denmark, and Belgium, among others.

In Q1 ended March 31, 2021, its revenues declined 26% year-over-year to US$17.6 million. The company attributed this decline to reduced income from technology solutions and power products.

However, CEO Randy MacEwen has exuded confidence that its strong balance sheet and industry and customer engagement will help drive its future growth. He said the company would boost spending on product development, technology, and skill upgradation, among others, to advance its goals.

The stock was down 20.05% to US$16.19 at 3:40 pm ET on Tuesday, May 4, compared to the previous close. It has declined more than 34% in the past month despite recording a record high of US$40.99 on February 8, 2021.

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Plug Power Inc., (NASDAQ:PLUG)

Plug Power, based in Latham, New York, is one of the leading providers of hydrogen fuel.  The company had recently joined hands with BAE Systems to supply zero-emission buses. According to the deal, Plug Power’s fuel cell engines will be incorporated into BAE’s electric drive systems.

This partnership will explore innovative green solutions, such as hydrogen-powered electric buses, for the transportation industry.

BAE has over 25 years of experience in zero-emissions solutions, with operations in different parts of the globe. Plug Power, on the other hand, has supplied over 40,000 fuel cells in the past 20 years.

The stock was down 7.62% to US$24.60 at close on Tuesday, May 4, compared to the previous session. It shed over 35% in the past one month.

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Bloom Energy Corp (NYSE:BE)

This San Jose, California-headquartered power company, had last month announced a partnership with South Korea’s SK Engineering & Construction Co., Ltd. to set up a power station, solely operated by hydrogen fuel cells, in the Asian country. The station will generate 100 KW of electricity. Bloom Energy will also help set up another station with a one-megawatt capacity by 2022.

CEO K.R. Sridhar said that the Korean project marks an important milestone in Bloom Energy’s quest for hydrogen-powered solutions. He said the company would continue to make strides in the field.

The company is expected to announce its Q1 2021 results on Wednesday, May 5.

The stock was down 6.77% to US$23.15 at the close on Tuesday, May 4. The stock value dropped over 13% in the past month.