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TheStreet Open House

FuelCell (FCEL) Trips as Plug Power (PLUG) Continues Descent

Stocks in this article: FCELPLUG

NEW YORK (TheStreet) -- Profit-taking is running rife in the fuel-cell sector on Monday as heavy-volume stocks tumble. FuelCell Energy (FCEL) is leading the sector's losses.

Shares were running higher in recent weeks until March 11 when a report out of Citron Research taking Plug Power's (PLUG) financials to task sent the sector, and FuelCell, into free-fall.

By midafternoon Monday, FuelCell Energy has tumbled 7.3% to $2.80. Over the past five trading sessions, the Danbury, Conn.-based business has taken off 28.5%. However, this puts a minor dent in a stock that has rallied 99.3% since the beginning of the year.

Last Tuesday, fuel-cell stocks including Plug Power and FuelCell plummeted after Citron analysts said Plug Power would be fairly valued at 50 cents, a blended average of recent capital raises. The firm also estimated the company has lost close to $850 million since the 2000 crash and has yet to develop intellectual property or "meaningful revenue growth."

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