Skyrocketing as much as 1,000% in 2020, Plug Power (NASDAQ: PLUG) seemed unstoppable a few years ago. Between the company's newly formed partnerships and management's auspicious five-year outlook, investors' enthusiasm for the fuel cell stock appeared to know no bounds.

But it seems that those bounds have, in fact, been discovered in the last couple of years. In 2022, shares of Plug Power plunged 56%, and in 2023, shares have fallen even more precipitously -- about 63%. Should investors who believed the bandwagon passed them by in 2020 now leap at the stock's lower price tag? Let's take a closer look to see if a position in Plug Power is a smart move to make for 2024.

While Plug Power reported some positive news during the year, investors clearly emphasized the more concerning announcements. From a first-quarter 2023 earnings report that neglected to reaffirm management's profitability outlook to the more recent third-quarter financial results that missed analysts' top- and bottom-line expectations, Plug Power consistently failed to charge up the market's enthusiasm as it had done a few years ago.

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Source Fool.com