Fuel-cell stocks are losing a chunk of their monster 2026 gains on Friday morning, with three high-profile names all trading sharply lower. FuelCell Energy (NASDAQ:FCEL) is leading the decline, off 11% to $20.49, while Bloom Energy (NYSE:BE) is down 8% to $235.69 and Plug Power (NASDAQ:PLUG) is lower by 6% to $2.24.
The moves come after an extraordinary run. Year to date, FuelCell Energy stock is up 181%, Bloom Energy stock is up 174%, and Plug Power stock has advanced 14%. Investors have bid the group up on the AI data center power thesis, and profit-taking looks like the dominant force this morning.
None of the three currently carries a trailing P/E ratio, as each remains unprofitable. Trailing EPS stands at -$6.20 for FuelCell Energy, -$0.05 for Bloom Energy, and -$1.39 for Plug Power.
Three Separate Threads, One Sector Unwind
FuelCell Energy is the clearest story. The company’s $225 million share offering priced at $21 was set to close on or about July 9, and FuelCell Energy shares have now slipped below that offering price. That dilution overhang is compounding after a Q2 FY2026 report that showed revenue of $35.59 million, down 5% year over year, and a $42.57 million non-cash impairment tied to the Groton project.
Bloom Energy shares are contending with a different overhang. On July 8, Hunterbrook alleged that Bloom Energy depends on China for scandium and questioned its accounting and production goals. Bloom Energy rebutted the claims as “false and misleading,” citing sufficient scandium inventories, no China dependence, and visibility to up to 25 GW. The market initially shrugged off the report, with Bloom Energy stock bouncing on July 9, but the report appears to be weighing again today alongside garden-variety profit-taking.
Plug Power has no fresh company-specific catalyst. PLUG stock appears to be moving in sympathy with the broader hydrogen and fuel-cell complex.
Sector Rotation and the Hydrogen ETF Read-Through
The Global X Hydrogen ETF (NYSEARCA:HYDR) is a useful gauge here. Bloom Energy is its top U.S. holding at 15% of net assets, followed by Plug Power at 9% and FuelCell Energy at 5%. Together, the three names represent 29% of HYDR’s net assets, so today’s move hits the fund squarely. HYDR is a narrow, volatile thematic vehicle, and that concentration cuts both ways.
Retail sentiment on Bloom Energy has been mixed. A single high-engagement r/wallstreetbets post titled “1,100 Shares $BE (Margin + Cash): Margin Called + Naked Options” drew 112 upvotes and 87 comments as the selloff took hold, a reminder that leveraged retail positioning tends to accelerate downside in these names.
Bull and Bear on the Primary Name
The bull case for FuelCell Energy stock rests on momentum and clean-energy exposure to AI data center power demand. Management flagged a 4 GW pipeline, 90% data center-related, and cash of $373 million to fund the Torrington capacity build-out. The analyst target price of $22 sits near current levels, with a rating mix of 6 hold and 2 sell/strong sell ratings.
The bear case is dilution, chronic unprofitability, and a beta of 2.31 that means outsized swings in both directions. FuelCell Energy stock is still down 91.5% over five years, so the recent gains sit on a fragile base.
Investors may want to keep their position sizes modest in FuelCell Energy stock given the volatility profile, and can watch for whether FCEL can reclaim the $21 offering price. The next scheduled catalyst worth watching is Bloom Energy’s next quarterly report, followed by Plug Power’s Q4 2026 target for positive EBITDA including stock-based compensation (EBITDAS).
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