DCRB - Why Is Plug Power Stock Sinking Again on Tuesday?
Extending the 1.3% drop they suffered on Monday , shares of Plug Power (NASDAQ: PLUG) are continuing to slide today. Similar to yesterday, Plug Power didn't report anything on Tuesday that led investors to hit the sell button. Instead, the stock's fall is likely a reaction to the positive news that a noteworthy fuel cell peer shared this morning. Paring back some of its losses on the day, Plug Power's stock, which had dipped as much as 4.7% at one point today, was down 3.9% as of 3:55 p.m. EDT.
There's a new fuel cell name in town, Hyzon Motors, and investors focused on this niche of the renewable energy industry are starting to take notice, adding it to their list of the usual fuel cell-oriented suspects: Ballard Power Systems , Bloom Energy , and FuelCell Energy . On track to merge with the SPAC Decarbonization Plus Acquisition (NASDAQ: DCRB) , Hyzon Motors brands itself as "a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles, including heavy duty trucks, buses and coaches." And apparently, the company foresees good things happening in the rest of 2021 and into 2022.
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Why Is Plug Power Stock Sinking Again on Tuesday?