Plug Power (NASDAQ: PLUG) experienced a significant 5.29% drop in after-hours trading on Thursday, as investors reacted to ongoing liquidity concerns and the announcement of a special stockholders meeting. The clean energy company, which has been facing considerable challenges in recent months, saw its stock price continue its volatile trend.

The company revealed plans to hold a virtual special meeting of stockholders on January 15, 2026, to approve two critical charter amendments that will directly impact its ability to raise capital. This move comes as Plug Power grapples with financial uncertainties, prompting discussions about its future funding strategies. Adding to investor unease, Canaccord Genuity analyst George Gianarikas maintained a Hold rating on Plug Power with a price target of $2.50, reflecting the ongoing challenges faced by the company in its strategic transition.

Further complicating matters, recent analysis has highlighted valuation concerns for Plug Power. While a discounted cash flow model suggests potential undervaluation, the company's price-to-sales ratio of 3.86x significantly exceeds the calculated fair ratio of 0.15x, implying possible overvaluation. This conflicting valuation picture, combined with the company's recent history of steep price drops – including a 30.4% decline over the past week and a 44.1% fall in the last month – has further eroded investor confidence. As Plug Power navigates these turbulent times, market participants remain divided on its prospects, closely watching for any signs of improvement in the company's financial health and strategic direction.