Why Plug Power Inc. (PLUG) Crashed Last Week

We recently compiled a list of the These 10 Firms Were Last Week’s Worst Performers. In this article, we are going to take a look at where Plug Power Inc. (NASDAQ:PLUG) stands against the other stocks.

Wall Street’s main indices finished firmer on Friday, with all main indices settling in the green territory ahead of President-elect Donald Trump’s return to the White House.

Week-on-week, the Dow eked out a 3.81-percent gain, the S&P rallied 3.79 percent, while the Nasdaq increased by 3.84 percent.

Ten companies from diverse sectors, however, ended Friday weaker, posting notable declines versus the week prior. In this article, let’s look at which firms suffered a bloodbath and the reasons that dragged their performance.

For this week’s list, we only focused on companies with a market capitalization of at least $2 billion and a minimum trading volume of $5 million.

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 its share prices by 15 percent last Friday to close at $2.44 apiece versus the $2.87 week-on-week.

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

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

Taxes aside, traders discounted news 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, due to ongoing concerns about a demand problem in hydrogen projects.

Overall PLUG ranks 4th on our list of last week’s worst performers. 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 timeframe. If you are looking for an AI stock that is more promising than 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.