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Motley Fool
Why Shares of Plug Power Sank 20% in July
Beginning the summer on a bullish note, shares of Plug Power (NASDAQ: PLUG) jumped in June, but the market’s excitement for the fuel cell stock wasn’t sustained in July — a month during which the stock fell 20%, according to data from S&P Global Market Intelligence. Although analysts at Citigroup and Seaport Global both initiated coverage on Plug Power’s stock last month, assigning it a buy rating, investors weren’t motivated enough to pick up shares. Between the company failing to provide details about a new deal and competition ramping up among hydrogen-focused companies, investors felt the clouds were hanging too heavily on this familiar fuel cell name.
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