Plug Power Is Getting Annihilated

Plug Power shares are down 34% after surging earlier this morning.

Ballard, which supplies Plug Power with fuel cells, is down 20%. FuelCell Energy is down 17%.

We explained why fuel cell shares had recently been lifted — demand seemed to be picking up for a number of reasons.

But the shares have also been subject to heavy short interest, according to Karl Loomes, a market analyst at SunGard’s Astec Analytics.

Chart:

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.