Shares were running higher in recent weeks until March 11 when a report out of Citron Research taking Plug Power's (PLUG - Get Report) 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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