Should You Buy Plug Power on Today's News?

Many investors who at one time had high expectations of growth for hydrogen fuel cell company Plug Power (NASDAQ: PLUG) didn't stick around to see its multi-year growth plan play out. The company's stock traded over $70 per share at its peak in early 2021, valuing the alternative energy name with a market cap of about $36 billion.

That valuation has now been more than cut in half with the stock closing yesterday's trading at $25.55 per share. But the stock is popping today, as Plug's hydrogen growth investments are beginning to pay off. The company announced today it has a new agreement with Walmart to supply the retailer with up to 20 tons of green hydrogen per day to fuel the material-handling trucks it uses at fulfillment and distribution centers.

Image source: Plug Power.

Source Fool.com