Shares of Bloom Energy Corp. BE, -36.05% plummeted 24% toward a record low in premarket trading Tuesday, after the company, which converts natural gas into electricity, warned that revenue growth and margins for 2020 may miss expectations. The stock’s selloff is a reversal from a gain of as much as 15% in after-hours trading on Monday, after the company reported a narrower-than-expected second-quarter loss and revenue that beat analyst estimates. Chief Executive K.R. Sridhar said on the post-earnings conference call with analysts that the move by some states to achieve 100% renewables-only power “are well-intentioned, but ill-informed,” as there is no credible way to achieve that goal without compromising safety, reliability and affordability. But because of the “confusion,” New York and California, the states the company has historically achieved its highest average selling prices, have slowed down conversion. “With fewer orders from those markets in our anticipated mix for 2020, our revenue growth and margins for next year may not be in line with Street expectations,” Sridhar said. “We have high degree of confidence that this is an anomaly that’ll correct and want to emphasize that we are bullish on these markets going forward.” J.P. Morgan analyst Paul Coster reiterated his overweight rating, but slashed his price target to $18 from $33. The stock has plunged 39.4% over the past three months through Monday, while the S&P 500 SPX, +1.63% has gained 2.5%.