What's Going On With Plug Power Stock?

Plug Power, Inc. PLUG shares are trading higher Monday amid overall market strength. The stock has fallen significantly, dropping nearly 40% over the past month.

What To Know:

Last week, Plug Power submitted a regulatory filing which revealed the company had signed a market issuance sales agreement to sell up to $1 billion worth of its common stock from time to time just as the stock was marking new 52-week lows.

Following the offering, KeyBanc Capital Markets analyst Sangita Jain said she expects the announcement to pressure the stock further as the company faces multiple headwinds to its growth.

Plug Power will host a business update conference call at 8:30 a.m. ET on Tuesday with Andy Marsh, Plug Power CEO, and Paul Middleton, Plug Power CFO, providing a business update and answering questions.

Plug Power shares are moving slightly higher on heavy trading volume with more than 40.8 million shares already traded in the session, surpassing the stock’s 100-day average volume. The stock is trading well-below its 50-day moving average of $4.16 and near 4-year lows.

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PLUG Price Action: According to Benzinga Pro, Plug Power shares are up 4.4% at $2.79 at the time of publication.

Image: Paco Silva from Pixabay