Plug Power Stock Is Plunging After The Bell: What's Going On?
Portfolio Pulse from Adam Eckert
Plug Power Inc (NASDAQ:PLUG) shares dropped after announcing an at-the-market offering of up to $1 billion. The company's stock had already reached new 52-week lows following a 'going concern' warning in its third-quarter results. A business update is scheduled for January 23, where CEO Andy Marsh and CFO Paul Middleton will address business operations and field questions. PLUG's stock fell 10.03% to close at $2.74 on Wednesday and declined an additional 14.81% after hours to $2.33.
January 17, 2024 | 10:28 pm
News sentiment analysis
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NEGATIVE IMPACT
Plug Power Inc's stock is likely to experience continued downward pressure in the short term due to the announcement of a $1 billion at-the-market offering and recent 'going concern' warning.
The at-the-market offering announcement typically dilutes existing shareholders, which can lead to a decrease in stock price. The recent 'going concern' warning and new 52-week lows also contribute to negative sentiment, suggesting a bearish outlook in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100