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Stock Market Today, March 18: Plug Power's Rally Stalls Slightly

Source The Motley Fool

Plug Power (NASDAQ:PLUG) developer of hydrogen fuel cell systems for electric equipment and vehicles, closed Wednesday at $2.32, down 0.43%. The stock slipped alongside sector peers.

Trading volume reached 84.1 million shares, coming in 15% below its three-month average of 96.8 million shares. Plug Power IPO'd in 1999 and soared in the first few months of trading. It has fallen 99% since going public.

How the markets moved today

The S&P 500 (SNPINDEX:^GSPC) fell 1.36% to 6,625, while the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 1.46% to finish at 22,152. Among other hydrogen stocks, Bloom Energy (NYSE:BE) closed down 2.17% at $156.58 and Ballard Power Systems (NASDAQ:BLDP) fell 2.61% to end at $2.61.

What this means for investors

Today’s slight decline may be just a blip on Plug Power’s 25-year outlook. The company seems to be starting to turn things around. It has a new CEO in Jose Luis Crespo, and the stock has gained 24.73% in the past month. Its Q4 earnings beat analyst estimates.

However, in addition to potential liquidity challenges further down the road, Plug Power may face some legal issues. Several securities class action lawsuits have been filed against the firm, alleging it misrepresented activities related to a $1.66 billion Department of Energy loan. The lawsuits are not new, but a slew of legal press releases today and yesterday may have impacted the stock.

Investors who see opportunities in the new leadership and strategic shifts will be watching to see how these cases impact Plug Power’s recovery narrative.

Should you buy stock in Plug Power right now?

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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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