Plug Power (NASDAQ: PLUG) stock has been tumbling ever since it reported its third-quarter results in early November. A new announcement today has the stock dropping even further. Plug shares were trading near the day’s low, down by 10.2% as of 12:40 p.m. ET.
With today’s drop, Plug Power stock has plummeted by nearly 50% in just the last two months.
Is bad news on the way?
In its third-quarter report, the company stated, “[W]e continue to incur losses and might never achieve or maintain profitability.” It also issued a “going concern” warning, which lets investors know there’s a possibility that it will not survive as a business.
Plug said its hydrogen business has been impacted by supply-chain disruptions, a high inflation and interest-rate environment, and economic uncertainty around the world. It also noted that it may need to raise additional capital.
Investors seemed to get spooked today when the company announced CEO Andy Marsh will hold a business update conference call along…
2024-01-16 13:05:00
Article from finance.yahoo.com
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