Hold still mann6/11/2023 This brief period in stock market history was defined by unfettered investor euphoria around ESG stocks built on cheap capital. This year-to-date move has happened against what's now a more than 90% fall from early 2021 highs. I previously covered Stem earlier this year in February. At risk here is the whole thesis that the transition to zero-carbon sources of energy would catalyze a generational boom in demand for energy storage. Initial investor enthusiasm around the large opportunities posed by the 2022 Inflation Reduction Act has now been wholly replaced by uncertainty with Stem's large downward move coming against short interest at 20% of its shares outstanding. The smart energy storage company has joined in with the broader market chaos that's been deepened by the angst around the health of the US regional banking system. Stem ( NYSE: STEM) is down by 47% year-to-date, far outpacing the 3% decline of clean energy ETFs like iShares Global Clean Energy ( ICLN).
0 Comments
Leave a Reply. |