Written by Claudia Assis
Stocks directly involved or connected to alternative energy are riding high in Wall Street’s opinion, enjoying share gains that in some cases rival or surpass the meteoric rise and widespread appeal of Tesla Inc.’s shares.
Analysts point to backlashes against power outages, climate-change risk, hopes of riding on the coattails of Tesla TSLA, -0.20% stock, and recent building-code mandates against natural-gas hookups as some of the reasons behind their newfound popularity. Moreover, some believe it will last this time around.
Earlier Thursday, shares of Plug Power Inc. PLUG, +2.13% rose to a five-and-a-half-year high after the maker of hydrogen fuel cells used in forklifts and other warehouse equipment announced a partnership to build zero-emission commercial trucks.
Shares of Plug Power have jumped more than Tesla’s in the past 12 months — a 192% advance that compares with Tesla’s 190% and the S&P 500 index’s SPX, -0.87% 20% in that time span.
On a list of 100 most popular stocks on trading platform Robinhood, Plug Power comes in ahead of Tesla, and is also ahead of heavyweights such as Facebook Inc. FB, -1.45%, Advanced Micro Devices Inc. AMD, -3.63% and many others.
Tesla got a nod on Wednesday not for its vehicles, but rather its solar-power and energy storage business from analysts at Piper, who described the “illuminating” results of having a Tesla-installed solar-power system to power a Tesla vehicle.