Why is the Hazer (ASX:HZR) share price getting tasered today?

Could this be what’s weighing on the company’s stock today?

| More on:
A man brandishes a green light against a dark backdrop

Image sourec: Getty Images

It’s shaping up to be a rough day on the ASX for the Hazer Group Ltd (ASX: HZR) share price.

At the time of writing, the company’s stock is trading at $1.30, 2.99% lower than its previous close.

The fall comes despite no news released today by the hydrogen and graphite production technology developer.

For context, the broader market is also in the red today. Right now, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.47%, while the All Ordinaries Index (ASX: XAO) is down 0.53%.

Let’s take a look at what might be weighing on the Hazer share price on Wednesday.

Why is the Hazer share price slipping?

The Hazer share price is sliding alongside the S&P/ASX 200 Materials Index (ASX: XMJ) and its ASX hydrogen peers.

Right now, the materials sector is down 0.43%.

Meanwhile, Pure Hydrogen Corporation CDI (ASX: PH2) and Province Resources Ltd (ASX: PRL) are both experiencing share price drops of around 4%.

So, what’s going so wrong for ASX hydrogen shares today? Well, they might be being impacted by the movements of some of their United States-based counterparts.

US market concerns

Overnight, the share price of FuelCell Energy Inc (NASDAQ: FCEL) fell 2.6%, while that of Plug Power Inc (NASDAQ: PLUG) tumbled 4.2%.

While the drop wasn’t experienced across the board, its potential cause might be enough to worry ASX investors.

According to reporting by our United States-based colleagues, the NASDAQ-listed companies struggled overnight due to their position as growth stocks.

As hydrogen as an energy source is a relatively new concept, most players in the field are growth stocks.

That leaves them vulnerable to market movements, such as those we often see when big news of COVID-19 or interest rates come out.

And such market movements that might be happening right now, as the Omicron variant takes centre stage, spurring the United States Federal Reserve to pin the variant as a potential driver of inflation.

Meanwhile, back in Australia

However, good news for Australia’s hydrogen industry – though, perhaps a signal of increasing competition – was released recently.

GeelongPort announced it’s committed to building a $100 million hydrogen hub, where it will produce and distribute the energy source, yesterday.

Today’s fall included, the Hazer share price is 12% lower than it was this time last month. Though, it’s still 62% higher than it was at the start of 2021.

Should you invest $1,000 in Hazer right now?

Before you consider Hazer, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Hazer wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

asx share price falling lower represented by investor wearing paper bag on head with sad face
Share Fallers

These were the worst performing ASX 200 shares last week

It was another tough week for the S&P/ASX 200 Index (ASX: XJO) after the US Federal Reserve indicated that it would start …

Read more »

share price dropping
Share Fallers

Why AnteoTech, Newcrest, Nitro, and ResMed shares are falling

In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with on a positive note. …

Read more »

Young boy with glasses and grey long sleeved top looking pensive as if wondering about asx share price
Share Fallers

The OZ Minerals (ASX:OZL) share price has dumped 11% this week. Is it a bargain?

Key points OZ Minerals shares are down 11% so far since last Friday’s close Despite the bearishness, the team at …

Read more »

share price dropping
Share Fallers

Why Evolution, Cettire, Hipages, and Kogan shares are sinking

After a decent start to the day, the S&P/ASX 200 Index (ASX: XJO) is tumbling lower again in afternoon trade. At …

Read more »

a man in a hard hat and checkered shirt holds paperwork in one hand as he holds his hands upwards in an enquiring manner as though asking a question or exasperated by uncertainty.
Share Fallers

OZ Minerals (ASX:OZL) share price slips despite record $2 billion revenue

The OZ Minerals Ltd (ASX: OZL) share price is sliding during this morning’s session and is now trading 1.48% in the …

Read more »

A man in a white coat holds a laptop in one hand and his head in the other, it's bad news.
Share Fallers

Polynovo (ASX:PNV) share price melts 31% in 2 weeks. What’s going on?

Key points The Polynovo share price has slipped more than 30% in the past 2 weeks Pressure has been on …

Read more »

An arrow crashes through the ground as a businessman watches on.
Share Fallers

Why Accent, BrainChip, Fortescue, and Novonix shares are sinking

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a big decline. At the time of …

Read more »

A guys points his fingers down.
Share Fallers

Why Adairs, Bigtincan, Regis Resources, and Telix shares are sinking

In afternoon trade on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. …

Read more »