Plug Power (NASDAQ: PLUG) and Nikola (NASDAQ: NKLA) represent two different ways to invest in the nascent hydrogen power market. Plug Power sells hydrogen fuel systems for electric forklifts and other warehouse equipment, while Nikola develops semitrailer trucks that run on electric batteries and hydrogen fuel cells.
Both stocks initially attracted a stampede of bulls. Plug Power went public at a reverse split-adjusted IPO price of $150 in October 1999, and its stock skyrocketed to a record high of $1,498 during the peak of the dot-com bubble.
Nikola went public by merging with a special purpose acquisition company (SPAC) in June 2020, and its stock opened at a reverse split-adjusted price of $1,126.50 on the first day before hitting its all-time high of $2,391.90 over the following week.
But today, Plug Power and Nikola only trade at about $2 and $10, respectively. Let’s see why these hydrogen stocks ran out of…
