What's Going On With Plug Power Stock?

Plug Power Inc PLUG shares are down more than 6% in early trading Wednesday, adding to losses for the week. Here's a look back at what's been driving shares lower.

What Happened On Monday, Morgan Stanley analyst Andrew Percoco downgraded Plug Power from Overweight to Equal-Weight and slashed the price target from $35 to $15.

According to a Barron's report, the Morgan Stanley analyst expressed concerns that overall sales and profit margins are not likely to improve as fast as previously thought. Plug is yet to turn in a profitable quarter and losses have accelerated in recent quarters, according to data from Benzinga Pro. 

On Tuesday, Plug announced record production of PEM electrolyzer stacks in the first quarter, but the stock was dragged down with the overall market after job openings came in below estimates and factory orders declined by more than expected.

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After the close, the company announced in a new regulatory filing that its executive vice president Dirk Ole Hoefelmann will resign, effective immediately.

In connection with his resignation, Plug entered into a separation agreement in which Hoefelmann is entitled to receive approximately $424,000 and the exiting executive vice president agreed to not compete with the company for one year. 

PLUG Price Action: Plug Power is down nearly 65% over the last year and it's fallen more than 25% in just the last month. 

Plug Power shares were down 6.38% at $9.91 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Plug Power.