Should You Buy Plug Power Stock While It's Below $2?
Short answer: No, you should not buy Plug stock. Now here's the longer answer.
Buoyed by the post-election stock market rally, Plug Power (NASDAQ: PLUG) stock ran up to a recent high of $3.15 on Jan. 6. On that day, Plug stock closed at a price not seen since the previous summer. But it's been all downhill from there.
From Jan. 6 through Plug's earnings day on March 3, shares of the hydrogen fuel producer and hydrogen fuel cell manufacturer lost more than half their value, plunging all the way to $1.50 per share. That's more or less where it is today, even after a brief post-earnings bounce.
Investors have to be asking if that's it, or if Plug is going to keep moving higher. Should you rush in and buy Plug stock now while it's still below $2?
