Why Plug Power Stock Was Falling Today
Plug Power (NASDAQ: PLUG) may have reported record fourth-quarter and full-year results last night, but investors were not impressed. As of 11:40 a.m. ET, shares of the hydrogen and fuel cell technology company were trading lower by 11%.
Plug Power's full-year and fourth-quarter 2022 revenue of $701 million and $221 million, respectively, were both records for the company. Sales in 2022 were up 40% compared to 2021 and the company expects to see 2023 revenue double year over year. But that wasn't enough for Wall Street, and analysts are cutting price targets on the stock today.
Source Fool.com
