Why Shares of Plug Power Plunged Today
On an overall bearish day that saw the S&P 500 and Dow Jones Industrial Average fall more than 1.8% and 1.6%, respectively, shares of Plug Power (NASDAQ: PLUG) took an especially heavy hit. The hydrogen and fuel cell company's stock fell 5.5% on Thursday, although shares are paring back some of the losses in after-hours trading.
With the company not releasing any news to inspire the sell-off and no analysts weighing in bearishly on the stock's prospects, it's likely that investors chose to click the sell button in response to a peer's surprisingly good first-quarter financial results.
Fans of Plug Power are optimistic that the company will find a way to make its fuel cell endeavors profitable -- someday. In its time as a publicly traded company, it has succeeded at growing revenue but has failed to generate something other than a number colored red on the bottom line.
Source Fool.com
