Plug Power, Inc. is facing a downturn today, driven by concerns over its financial health and the potential impact of incoming U.S. tariffs. Reports indicate that President-elect Donald Trump plans to implement aggressive tariffs on imports, which could significantly affect Plug Power's profitability, given its reliance on components manufactured outside the U.S. The market is reacting to these potential economic policies, with investors wary of the financial strain additional tariffs could impose on the company.
On Reddit, discussions reflect a mix of skepticism and hope regarding Plug Power's future. Some users express concerns about the company's reliance on non-clean energy sources for hydrogen production, which may affect its eligibility for the full $3/kg 45v tax credit. One user noted, "If Plug doesn't actively tell us, it makes me think they're not getting the full $3/kg." Additionally, the uncertainty surrounding the completion of a $1.66 billion Department of Energy loan is contributing to the stock's volatility, with some investors speculating on the potential for a short squeeze if the loan is finalized.
Plug Power's stock is currently trading at $2.62, down 11.19% from the previous close of $2.95. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 65,409,903 shares, surpassing its average daily volume of 61,192,441 shares, indicating intense trading activity this morning.