Why Plug Power Stock Plunged Another 16% in March
Plug Power stock is now down by about 43% in 2025. Is it a buy?
Plug Power (NASDAQ: PLUG) has now logged three straight months of double-digit percentage stock price drops, with shares of the hydrogen fuel cell maker tumbling another 16.1% in March after losing nearly 13% in each of the first two months of the year, according to data provided by S&P Global Market Intelligence. The hydrogen stock is now down a whopping 43% so far in 2025, as of this writing.
While it's hard to remember when Plug Power last impressed investors with its numbers, some of the figures it revealed in March induced more investors to dump the stock.
Sales of Plug Power's equipment slumped by 45% in 2024 to only $390 million. Lower demand for its fuel cell systems, fewer hydrogen site installations and new liquefier projects, and slow progress on existing projects were just some of the factors that dragged down its top line. The company evidently has a demand problem, but it gets much worse.
