Shares of hydrogen fuel cell (HFC) specialist Plug Power (NASDAQ: PLUG ) popped higher on Tuesday before dipping slightly following a key hiring announcement. The company announced that Dean Fullerton will step in as the new Chief Operating Officer.
While there is big potential for growth in the hydrogen economy, there is a need for deep pockets. Plug Power (NASDAQ: PLUG ) was among the hottest hydrogen stocks.
Management says things are getting better, but this one number says something else entirely.
Plug Power went public 25 years ago, but it's trading 98% below its IPO price. A long streak of blunders and broken promises drove away the bulls.
Plug Power (NASDAQ: PLUG ) stock experienced wide volatility in July. However, its recent drop suggests this may be an opportune time to buy the dip.
Plug Power recently issued $200 million worth of stock. The company also updated its end-of-June cash position, showing continued cash burn.
Plug Power is running out of cash, and it's selling more stock to raise cash to keep itself solvent. The company aims to bring in as much as $230 million in new capital, but that won't last very long at the rate it's burning through cash.
Plug Power (NASDAQ: PLUG ) is among the green energy companies experiencing significant selling pressure today as broader market forces work against growth stocks. In this afternoon's session, PLUG stock has declined about 13% on the news that the company is looking to raise additional capital.
Plug power stock is trading down 15% after announcing a $200 million stock offering. The funds this raised will be used for general corporate purposes.
Plug Power (PLUG) stock tumbled after the company said it would sell more shares to the public, which it expects to generate $200 million in proceeds.
Plug Power (PLUG) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Key Points Investors have been turning to small cap stocks over the past few weeks, with the Russell 2000 Index up 11% so far in July.