BE - Why Renewable Energy Stocks Plunged in June
2024-07-08 11:24:00 ET
June wasn't kind to the renewable energy industry as investors wavered on how risky some of the smaller companies in the industry could be. Fisker's bankruptcy in the electric-vehicle (EV) industry meant that other renewable energy companies could eventually go down, too.
According to data provided by S&P Global Market Intelligence , SunPower's (NASDAQ: SPWR) shares dropped 11.4% in June and continued their slide in July, falling 29.7% in the first week of trading. Blink Charging (NASDAQ: BLNK) fell 11.9% last month, and Bloom Energy (NYSE: BE) was down 25%.
2024 has been nothing but bad news for SunPower. The company needed a bailout by its majority owner TotalEnergies and said it will need to restate two years of financials.
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Why Renewable Energy Stocks Plunged in June