Plug Power (NASDAQ: PLUG) was one of the hottest stocks of the dot-com bubble. The provider of hydrogen charging solutions went public at a reverse split-adjusted price of $150 in October 1999 and hit a record high of $1,498 on March 10, 2000.

But today, Plug Power's stock trades at less than $3. Its investors retreated as the dot-com bubble burst, its growth slowed down, and it racked up steep losses. A delayed filing of its annual report for 2020 -- which resulted in a jarring restatement of all its financials for 2018 and 2019 -- further eroded the market's confidence in its future. So should value-seeking contrarian investors still consider Plug Power's stock to be a turnaround play?

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