Why Plug Power Plummeted 48% in the First Half of 2024
After Plug Power (NASDAQ: PLUG) stock plummeted 64% in 2023, investors rang in the new year with renewed hope that the fuel cell and hydrogen stock would be able to rebound from the previous year's performance.
Through the first half of 2024, however, those hopes have hardly been realized. Plug Power stock's nosedive continued, as it fell 48% in the first six months of 2024, according to data provided by S&P Global Market Intelligence.
Beginning the year on an inauspicious note, Plug Power stock tumbled in early January when Susquehanna cut its price target on shares to $4.50 from $9. Investors were shaken by the revised price target, and shares dropped 8% on the day the analyst's estimate was reported. Days later, the stock slid even further as investors digested news that Plug Power planned on raising up to $1 billion through an issuance of new equity -- potentially subjecting investors to shareholder dilution.
Source Fool.com
