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Rivian and 7 More Clean Energy Stocks Citi Says Could Drop Even More

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To come up with their list, the strategists assessed free cash flow as well as cash burn or spending for the previous 12 months.

Clean energy stocks have seen significant declines over the past year, and Citigroup strategists are cautioning about a handful that could decline even further.

Languishing demand is one reason behind the recent selloff. Solar-power equipment firm Enphase Energy , one of the largest holdings within the iShares fund, has repeatedly cautioned shareholders that demand is waning as high interest rates make customers cut back spending. To come up with their list, the strategists looked at clean energy stocks globally and picked those with the most noticeable free cash flow decline as well as cash burn or spending for the previous 12 months.Clean fuel cell companies Plug Power , which recorded a cash burn of almost $2 billion, and Ballard Power Systems which experienced a decline of $188 million.

Solar companies SunPower , with a cash burn of $384 million, and Sunnova Energy International , down $21 million.Rivian, Plug Power, Ballard Power Systems, Fisker, SunPower, and ACEN didn’t respond to a request for comment.

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