Why Plug Power Stock Plunged 64% in 2023
Shares of Plug Power (NASDAQ: PLUG) plunged 63.6% in 2023, according to data provided by S&P Global Market Intelligence. And year to date in 2024, the stock has dropped by another 20%, leaving the hydrogen stock down by a staggering 78% over the past 12 months.
Although Plug Power sealed several deals in 2023, its operational performance consistently failed to meet investors' expectations. With the company struggling to stay afloat, Plug Power stock is heading even lower.
When Plug Power announced its full numbers for 2022 in early March last year, management was confident that it would generate $1.4 billion in revenue in 2023 with a gross margin of 10%. For 2024, the company forecast that it would deliver a gross margin of 25% on sales of $2.1 billion.
Source Fool.com
