It's Been 25 Years Since Plug Power Stock Set Its All-Time High. Here's 1 Reason to Buy Today.
The hydrogen energy company still has a lot to prove.
Plug Power (NASDAQ: PLUG), a developer of hydrogen charging technologies, went public at a reverse-split adjusted price of $150 in 1999. Its stock subsequently soared during the dot-com boom and closed at a record high of $1,498 on March 10, 2000.
But after that boom came the bust. Its original plans to build hydrogen-powered residential systems for homes flopped, and it struggled to narrow its net losses. It eventually pivoted toward selling hydrogen fuel and charging systems for warehouses, forklifts, electrolyzers, and cryogenic storage solutions, but it's still struggling to prove that business model is sustainable.
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