FuelCell Energy Slumps 22%, Plug Power Sinks 12%: Hydrogen Bulls Hit the Brakes

David Moadel

Mon, May 18, 2026 at 10:52 AM EDT 4 min read

Quick Read

• FuelCell Energy (FCEL) stock slid 22% but remains up 130% over the past month on the company’s AI-ready data center platform launch, while the analyst consensus sits at $8.24 with no Buy ratings.

• Plug Power (PLUG) stock dropped 12% even though the company has expanded its gross margin from -55% to -13% and targeted positive EBITDAS in Q4 2026 and full profitability by the end of 2028.

• Momentum traders are rotating out of hydrogen stocks after weeks of euphoric gains, with both names moving in lockstep as investors reassess whether the fundamentals justify the rally.

• The analyst who called NVIDIA in 2010 just named his top 10 stocks and FuelCell Energy wasn't one of them. Get them here FREE.

Shares of FuelCell Energy (NASDAQ:FCEL) slid 22% in Monday morning trading, while Plug Power (NASDAQ:PLUG) shares dropped 12%. The selloff hits two of the loudest winners of the AI power trade. The hydrogen rally is taking a breather after weeks of euphoric upside.

The pullback comes after a remarkable run. FuelCell Energy stock has surged 130% in the past month, while Plug Power stock has climbed 20% over the same stretch. Both names sit on enormous gains from a year ago.

The analyst who called NVIDIA in 2010 just named his top 10 stocks and FuelCell Energy wasn't one of them. Get them here FREE.

Today's drop looks like profit-taking and a reassessment of the bull case, not the end of the trade. The hydrogen basket simply got crowded, and the AI data center power narrative ran ahead of the fundamentals. Now investors are reweighing the math.

FuelCell Energy's AI Catalyst Cools

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The recent FuelCell Energy stock run included a 34% pop on the launch of a new "AI-ready" data center platform aimed at AI-driven electricity demand. FuelCell Energy CEO Jason Few has been positioning the company toward that data center power market. Monday's reassessment centers on revenue concentration and a fiercely competitive landscape.

The Q4 FY2025 fundamentals were solid on the surface. FuelCell Energy's revenue came in at $55.02M, up 12% year over year, and EPS of -$0.85 beat the -$1.18 estimate. Yet, FuelCell still carries a trailing EPS of -$6.49 and absorbed a $65.8M solid oxide impairment during the fiscal year.

Wall Street hasn't validated this rally. The FCEL stock analyst consensus target sits at $8.24, well below recent trading levels. Coverage breaks down to six Hold ratings, one Sell, and one Strong Sell, with no Buys on the board.