The hydrogen power stock is still a divisive investment.
Plug Power (PLUG -1.23%), a developer of hydrogen charging technologies, has shed about 99% of its value since its initial public offering (IPO) in 1999. It initially planned to design and build hydrogen-powered residential systems, but that plan fizzled out and it pivoted toward selling hydrogen fuel cells and charging systems for warehouse forklifts.
That new business attracted the attention of Amazon (NASDAQ: AMZN) and Walmart (NYSE: WMT), and the two retail giants became Plug Power’s two biggest customers. But it still struggled with sluggish sales growth and steep losses over the past few years, and a dimming outlook for the niche hydrogen market drove its stock to all-time lows.
Is there any hope left for Plug Power at these levels? Let’s review the main reasons to buy, sell, and hold this divisive stock.
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