Shares of Plug Power (PLUG) experienced a significant downturn, plummeting 5.38% in a 24-hour period ending Thursday evening. The stock closed at $1.30, marking a sharp reversal that snapped a four-day winning streak for the hydrogen fuel cell company.
The decline in Plug Power's stock price came amid a generally positive trading session for the broader market. While the NASDAQ Composite Index rose 0.2% to 19,662.48 and the Dow Jones Industrial Average also gained 0.2% to 42,967.62, Plug Power notably underperformed both its sector peers and the major indices. Competitors such as Air Products & Chemicals and Procter & Gamble saw modest gains, further highlighting Plug Power's struggles.
Trading volume for Plug Power was lower than usual, with approximately 92 million shares changing hands compared to the 50-day average volume of 126 million. This reduced trading activity suggests a lack of investor enthusiasm. Moreover, the stock now sits 61.1% below its 52-week high of $3.34, which was achieved on July 16th of the previous year, indicating ongoing challenges for the company in maintaining investor confidence.
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