ENPH - Why Canoo Plug Power and Enphase Energy Plummeted This Week
2023-04-07 09:56:31 ET
Valuations for electric vehicle (EV), fuel cell, and charging companies came under pressure this week, and Canoo (NASDAQ: GOEV) , Plug Power (NASDAQ: PLUG) , and Enphase Energy (NASDAQ: ENPH) saw big valuation pullbacks. The companies' stocks fell 20%, 20.9%, and 9.2%, respectively, according to data from S&P Global Market Intelligence . Meanwhile, the growth-heavy Nasdaq Composite index fell 1.1% in the week, which included only four days of trading due to the market being closed for Good Friday.
Mounting economic concerns weighed on the market this week and contributed to big sell-offs for companies in the EV, charging, and renewable energy tech industries. While many investors have been hoping that some degree of economic slowdown will help depress inflation and cause the Federal Reserve to pivot away from interest rate hikes, new labor data came in worse than expected on multiple fronts and prompted pullbacks for companies with growth-dependent valuations. Canoo, Plug Power, and Enphase also saw sell-offs in conjunction with vehicle production and delivery data published by Tesla last Sunday.
Image source: Canoo.
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Why Canoo, Plug Power, and Enphase Energy Plummeted This Week