Plug Power (PLUG) stock is experiencing a significant pre-market plunge of 5.33% on Friday, continuing its downward trajectory that has plagued the hydrogen and fuel cell company throughout 2025. This latest decline comes on the heels of persistent financial concerns and a notable deal by a competitor, prompting investors to reassess their positions in the troubled stock.
The pre-market drop follows a tumultuous week for Plug Power, which has seen its shares fall by 6% in the latest 24-hour trading session. This decline is part of a broader trend, with the company's stock already down 30% in the first half of 2025. Despite a brief 10.5% surge last week following a bullish report on the fuel cell industry, investor sentiment appears to have soured once again.
Adding to the pressure on Plug Power's stock is the recent announcement of a significant deal between its competitor, Bloom Energy, and Oracle for the deployment of fuel cells in data centers. This development may be causing investors to shift their fuel cell investments away from Plug Power in favor of its rival. Analysts caution that despite the recent price drop, Plug Power's concerning financials continue to make it an unattractive option for investors seeking exposure in the hydrogen sector, further contributing to the stock's pre-market decline.
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