DNN - Why FuelCell Energy Denison Mines and Enovix Stocks Popped This Week
Alternative-energy stocks performed well for investors this week, with shares of FuelCell Energy (NASDAQ: FCEL) ending Thursday trading up 9.7% from Friday's close, uranium-miner Denison Mines (NYSEMKT: DNN) gaining 13.9%, and lithium-battery maker Enovix Corporation (NASDAQ: ENVX) doing best of all -- up 15.4%. Enovix investors will be happy to hear that their stock was the only one of the three to also be "in the green" for Thursday, in particular, tacking on 1.6%.
Such a varied group of companies, however -- albeit all operating broadly in the green-energy industry -- owed their gains to different catalysts.
In the case of FuelCell, the fuel-cell industry's eponymous star owed its gains primarily to bullish pronouncements from one of its rivals, Plug Power , which announced last week that hydrogen fuel cells are getting so popular that it expects to record as much as $850 million in sales next year -- and more than triple that number by 2025. Investors are betting that what's good news for Plug will be good news for FuelCell, as well, which, at $3.1 billion in market capitalization, is far smaller than Plug and therefore has more room to grow .
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Why FuelCell Energy, Denison Mines, and Enovix Stocks Popped This Week