Why Plug Power Stock Dropped 19% This Week
Plug Power (NASDAQ: PLUG) plunged this week, trading 19.4% lower as of noon Friday, according to data provided by S&P Global Market Intelligence.
If you look at the hydrogen stock's price performance chart, it is evident that much of that drop came in a single day. That was also the day it announced its quarterly numbers. And they were such that in the following days, several analysts rushed to downgrade their ratings and price targets on Plug Power stock.
After Plug Power hugely underdelivered in 2022, I was afraid that the company will not be able to stick with its guidance of nearly doubling its revenue to $1.4 billion this year and turning gross-profit positive.