Plug Power (NASDAQ: PLUG) saw its stock plummet 5.29% 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 significant challenges in recent months, continues to experience volatility in its stock price.

The company announced it will 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. The urgency of this meeting has sparked speculation about the company's immediate financial needs, contributing to investor unease.

Adding to the pressure on Plug Power's stock is a recent analysis highlighting valuation concerns. While a discounted cash flow model suggests the stock might be undervalued, its price-to-sales ratio of 3.86x is significantly higher than the calculated fair ratio of 0.15x, implying potential overvaluation. This conflicting valuation picture, combined with the company's recent history of steep price drops, has further eroded investor confidence. Canaccord Genuity analyst George Gianarikas's decision to maintain a Hold rating on Plug Power with a price target of $2.50 reflects the ongoing challenges faced by the company in its strategic transition.