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Why Plug Power Stock Dropped 19% This Week

Neha Chamaria, The Motley Fool
·2-min read
Why Plug Power Stock Dropped 19% This Week

Plug Power (NASDAQ: PLUG) plunged this week, trading 19.4% lower as of noon Friday, according to data provided by S&P Global Market Intelligence. After Plug Power hugely underdelivered in 2022, I was afraid that the company will not be able to stick with its guidance of nearly doubling its revenue to $1.4 billion this year and turning gross-profit positive. On May 9, Plug Power reported 49% year-over-year growth in its first-quarter revenue, but revised its outlook for 2023 with a revenue projection of $1.2 billion to $1.4 billion.

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