What's Going On With Plug Power Stock?

Plug Power Inc PLUG shares are trading lower by 8.40% to $1.20 Tuesday morning, reflecting market anxieties within the renewable energy sector.

What To Know: This follows the U.S. Senate Finance Committee’s unveiling of a tax bill proposing a significant rollback of clean energy incentives. The legislation accelerates the phase-out of tax credits established under the Inflation Reduction Act of 2022, directly threatening the financial landscape for green energy companies.

The Senate’s draft plan outlines a complete elimination of tax credits for solar and wind energy projects by 2028, with reductions beginning in 2026. While Plug Power specializes in hydrogen fuel cell technology, market sentiment often links it to the broader renewable energy complex, making it susceptible to such policy changes.

Read Also: What’s Going On With Cero Therapeutics Stock Tuesday?

Reduced government support can potentially translate to higher operational costs and dampened investment prospects for clean energy infrastructure.

What Else: Plug Power’s 52-week range is $0.69 to $3.34, highlighting its marked volatility over the trailing year. The stock’s substantial short interest, with 366.089 million shares short or 44.93% of its float, suggests a bearish outlook among investors. Price action and short interest data are per Benzinga Pro.

Read Also: Oklo Stock Is Rising Again: What’s Going On?

How To Buy PLUG Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Plug Power’s case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Image: Shutterstock