Why Shares of Plug Power, Nikola Motors, and Bloom Energy Are Crashing This Week
While it's unclear, so far, whether the S&P 500 will succeed in staving off a losing week, there's little doubt that hydrogen stocks will end up significantly lower than before trading began on Monday morning. Between shareholders fearing dilution and the prospect of increased competition, several factors have motivated investors to click the sell button this week.
According to data provided by S&P Global Market Intelligence, Plug Power (NASDAQ: PLUG) stock plummeted 30% from the end of trading last Friday through the market's close on Thursday, while shares of Bloom Energy (NYSE: BE) and Nikola (NASDAQ: NKLA) are down 11.5% and 11.4%, respectively, during the same period.
Powering significant bearish sentiment regarding its stock, Plug Power reported in a regulatory filing that it has entered into an agreement to raise up to $1 billion through the issuance of new equity. After news of Plug Power's intent to raise cash, the market decisively expressed its concern.
Source Fool.com
