Why Shares of Plug Power Are Plunging Today
Extending the slide that they suffered to start the week, shares of Plug Power (NASDAQ: PLUG) are continuing to plunge lower today despite the fuel cell and hydrogen specialist reporting seemingly positive news.
As of 11:32 a.m., shares of Plug Power have fallen 6.3%.
Acknowledging a new company record, Plug Power reported today that it manufactured 122 megawatts (MW) of its 1 MW electrolyzer stack platform in the first quarter of 2023 at its production facility in Rochester, New York. Besides a peek at Plug's recent performance, management provided insight into the remainder of 2023. With the strong Q1 2023 performance under its belt, management affirmed that it expects to ramp up production to 100 MW per month in the middle of Q2 2023 and to further increase production in the third quarter.
Source Fool.com
