Why Shares of Plug Power Are Tumbling Today
Turning a cold shoulder to news that Plug Power (NASDAQ: PLUG) is expanding its partnership with FreezPak Logistics, investors are clicking the sell button on the fuel cell specialist Wednesday. What's a bit more surprising, however, is that the stock is selling off on a day when a new analyst has shared an auspicious take on it.
As of 12:08 p.m. ET, shares of Plug Power were down by 6.2%.
FreezPak Logistics has been working with Plug Power since 2014, and the food logistics company seems to be happy with how things have gone, because it's looking to expand the relationship. Plug Power announced Wednesday that it will deploy fuel cell and hydrogen storage and fueling infrastructure at nine new locations -- four currently operating FreezPak's sites, as well as five more that are scheduled to open in 2023 -- and approximately 400 lift trucks.
Source Fool.com
