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Why Plug Power Stock Jumped 5% and Then Dropped Today

·3 min read
Why Plug Power Stock Jumped 5% and Then Dropped Today
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Hydrogen fuel cell company Plug Power's (NASDAQ: PLUG) share price popped by 5.1% as of 9:48 a.m. ET Wednesday morning, then gave up all of those gains and then some as concerns about rising competition countered the impact of an analyst's upgrade. As of 1 p.m. ET, Plug Power was trading down by 2.3% at around $42.10 a share. On Wednesday morning, Citi analyst P.J. Juvekar initiated a pair trade on two fuel cell stocks, going long Plug Power and short Ballard Power (NASDAQ: BLDP).