Why Plug Power Stock Dropped 7% Today

Names in the renewable energy sector have been on the move lately, and Plug Power (NASDAQ: PLUG) has been no exception. After strong gains yesterday, shares in Plug Power are moving back down today, trading 7% lower as of 11:30 a.m. EST. 

The maker of hydrogen fueling solutions presented a business update yesterday, which sent shares higher. After the close, the company said it would issue more common stock to raise capital, taking advantage of a stock price that has more than doubled since the start of 2021. 

Plug Power Series 1000 fuel cell. Image source: Plug Power.

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Source Fool.com