Why Plug Power Stock Sank Today

What happened

Fuel-cell stock Plug Power (NASDAQ:PLUG) tanked on Wednesday, closing the day down 5.8%. Today’s drop has only added to investors’ frustration as they’ve watched the stock decline steadily in recent weeks.

So what

There was no news from Plug Power this morning, but the stock struggled to hold up amid the weakness in broader markets as rising delta variant coronavirus cases sparked fears of a slowdown in the economy. As it is, investors in Plug Power are becoming increasingly impatient in the absence of substantive progress in the company’s business of late even as rivals continue to bag orders.

On Sept. 8, too, Ballard Power Systems’ (NASDAQ:BLDP) subsidiary, Ballard Fuel Cell Systems, announced a partnership with industrials giant Eaton to develop fuel-cell technology for heavy-duty trucks. Just the previous day, Germany-based Quantron tied up with Ballard Power to use its fuel-cell modules in electric trucks scheduled for delivery later next year.

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