Why Shares of Plug Power Are Plunging Today
Extending their midweek slide, shares of Plug Power (NASDAQ: PLUG) are continuing to tumble lower today, to the chagrin of fuel cell and hydrogen investors. While anticipation of the company's business update contributed to the stock's sell-off yesterday, investors are reacting today to the actual details of the update, in addition to pessimistic opinions echoing on Wall Street.
As of 11:07 a.m. ET, shares of Plug Power are down 7.2%.
The key figure from yesterday's business update that's likely concerning investors today is the company's lower revenue expectation for 2022. Whereas management had originally expected the top line to grow 80% from 2021 to 2022, it now expects sales to grow 45% to 50% on a year-over-year basis. According to the company, the shortfall is attributable to "customer timing and broader supply chain issues."
Source Fool.com
