Plug Power, Inc. (PLUG) is experiencing a decline in its stock price today, potentially influenced by ongoing financial challenges and market sentiment. Despite recent institutional interest, with Geode Capital Management LLC increasing its stake by 23.6% in the third quarter, the company's financial performance remains a concern. Plug Power reported a net loss of $558 million in the first half of 2024, up from $443 million in the same period of 2023, and continues to issue new shares to cover its losses, leading to significant dilution for existing investors. This financial strain is compounded by high short interest, with 195.29 million shares shorted, representing 21.43% of the outstanding shares, indicating persistent bearish sentiment among investors.
The stock's current price is $2.33, down 3.51% from the previous close of $2.42. It opened at $2.38 and has traded between a high of $2.43 and a low of $2.33 today. Despite being early in the trading day, the volume is relatively low at 24,897,255 shares, which is 44.41% of the average daily volume of 56,060,159 shares.