Why Plug Power Stock Fell Another 13.5% Today
It was another rough day for Plug Power (NASDAQ: PLUG) on Wednesday as the market turned south and investors sold off both higher-risk assets and energy stocks. Shares fell as much as 13.5% and were down 13.2% at 3:30 p.m. ET.
Plug Power is down 84% in the past year, and there's no end in sight to the drop. Not only are losses piling up, cash is also dwindling and there's no anticipated bailout.
This has become a downward spiral for Plug Power that may not stop. You can see in the chart below that cash levels are dropping as the business' cash burn picks up. Management has previously used the company's stock to fill the cash hole by selling shares, but as the stock price drops that option may not be available.
Source Fool.com
