Why Did Plug Power (PLUG) Go Down on Friday?

We recently published a list of These 10 Firms Took A Hit on Friday. In this article, we are going to take a look at where Plug Power Inc. (NASDAQ:PLUG) stands against other firms that took a hit on Friday.

Wall Street’s main indices all finished in the green territory on Friday, as investors repositioned their portfolios ahead of president-elect Donald Trump’s return to office.

The Dow jumped by 0.78 percent, while the S&P surged by 1 percent. Meanwhile, Nasdaq soared 1.51 percent.

However, ten companies under mixed sectors bucked an overall positive market sentiment as multiple negative factors put pressure on investor sentiment. In this article, let’s look at the reasons that dragged their shares performance.

To come up with the top 10 losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A generator being fueled and readied for use as part of an end-to-end green hydrogen ecosystem.

Plug Power Inc. (NASDAQ:PLUG)

Plug Power Inc. (NASDAQ:PLUG) dropped by 10.95 percent on Friday to end the day at $2.44 apiece, in line with overall market sentiment, as investors sold off positions ahead of President-elect Donald Trump’s return to office on Monday.

Earlier this year, Plug Power (NASDAQ:PLUG) was not spared from a broader market decline over fears that Trump may declare a national economic emergency to push through his tariff policies.

The statement made investors more cautious and lowered valuations, while Plug Power’s (NASDAQ:PLUG) business could also face challenges from the tariffs.

In other news, investors discounted reports that the company secured the green light for Plug Power’s subsidiary, Plug Power Energy Loan Borrower, to construct up to six clean hydrogen facilities for a total of $1.66 billion.

The initiative aligns with the Biden-Harris administration’s strategy to bolster a clean energy economy and is part of the Investing in America agenda, ensuring the US remains a leader in the global energy sector.

Overall, PLUG ranks 2nd on our list of firms that took a hit on Friday. While we acknowledge the potential of PLUG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as PLUG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.