Why Plug Power Stock Dropped Today

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Hydrogen fuel cell stock Plug Power (NASDAQ: PLUG) is down 7.8% as of 12:30 p.m. EDT Wednesday on no obvious news. In and of itself, though, that’s not surprising.

Plug stock hasn’t been trading particularly rationally lately, falling on “good” news Monday, then rising on “bad” news yesterday. And yet, today’s decline actually makes a bit more sense.

Consider: In yesterday’s note, analysts at investment bank Piper Sandler dinged Plug stock on worries that while hydrogen fuel might have some attraction as a “green” energy source, still has to compete with wind, solar, geothermal, and hydrogen power — all more widely accepted sources of renewable energy, and industries with established momentum.

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