Down 43% in This Bear Market, Can Plug Power Recover in 2023?
Taking a bite out of most investors' portfolios, the bear market has seen the S&P 500 plummet more than 17% since its start on Jan. 3, 2022. But the market has been particularly less than charged up about Plug Power (NASDAQ: PLUG), as the fuel cell specialist's stock has plunged 43% in that time frame, according to data provided by S&P Global Market Intelligence.
Despite continued interest in expanding the role of hydrogen on the energy landscape, investors have lost enthusiasm for Plug Power, a popular name in the hydrogen industry that has continuously failed to prove that it can achieve profitability.
Despite the stock's decline in 2022, Plug Power reported several achievements. For one, it continued growing the top line -- something which it has excelled at over the past few years. Through the first nine months of 2022, Plug Power has booked sales of $480.7 million, representing a 41% increase over that which it reported during the same period in 2021.
Source Fool.com
