Is Plug Power Stock a Millionaire Maker?
Plug Power (NASDAQ: PLUG), a developer of hydrogen fuel cell systems, went public near the peak of the dot-com bubble in October 1999. Its stock hit an all-time high of $1,498 per share on March 10, 2000, representing a near-tenfold gain from its reverse split-adjusted initial public offering (IPO) price of $150, but it now trades at about $3.
Plug Power's stock crashed as the dot-com bubble burst, its growth slowed, and it racked up more losses. The delayed filing of its annual report for 2020, a messy restatement of all of its financials for 2018 and 2019, a series of class action lawsuits from its investors, and high interest rates all exacerbated that pressure.
But after that steep decline, Plug Power's stock only trades at 2 times this year's sales. Could this hated stock generate millionaire-making gains in the future?
Source Fool.com
