Renewable energy stocks went from riches to rags last year. And the downside momentum has continued in 2022, as investor worries have built around the potential negative impact of supply chain disruption, rising commodity costs, a tight labor market and the stalling of President Biden’s “Build Back Better” plan.
To be sure, some of this comeuppance has been well deserved. From a June 2019 low point of 13 cents, for example, FuelCell Energy (NSDQ: FCEL) had surged to nearly $30 a share by February 2021—all while ringing up record losses. Since then, shares have crashed more than -80 percent. And despite some timely equity raises, the company is still bereft of a sustainable business plan.
The FuelCells of this world can and probably should fall further. And that goes for the ETFs that own them in quantity like Invesco Solar ETF (NYSE: TAN), down almost -50 percent the last 12 months
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