Why Shares of Plug Power Are Sinking Today
Beginning the week on an inauspicious note, shares of Plug Power (NASDAQ: PLUG) headed south when the opening bell rang this morning. Investors who saw the hydrogen stock decline may have speculated that the catalyst for the movement was an analyst's downgrade or downwardly revised price target -- or maybe both. It turns out that neither event was the case; likewise, there's no alarming news that is leading the bears to click the sell button. Instead, it seems that the market was reacting to news regarding additions to the company's board of directors.
As of 11:35 a.m. ET, shares of Plug Power are down 1.6%, having recovered from a slide of 4.1% earlier in the trading session.
Plug Power announced this morning that it is adding two new members, Jean Bua and Kavita Mahtani, to its board of directors. The two new members will both serve on Plug Power's audit committee, where Bua will act as the committee chair.
Source Fool.com
