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Plug Power Inc (NASDAQ:PLUG) shares are trading lower by 10.3% to $17.15 Wednesday afternoon after the company reportedly cut its 2022 hydrogen production outlook and abandoned plans for two plants.
What Happened?
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Per a report by BNN Bloomberg, Plug Power has reportedly abandoned plans for plants in Pennsylvania and Canada. BNN Bloomberg says Plug Power has also experienced permitting delays for another site in New York state.
BNN Bloomberg also says the company will be able to make about 50 tons of green hydrogen per day by yearend, down from an earlier forecast of 70 tons, Chief Strategy Officer Sanjay Shrestha told analysts and investors gathered Wednesday for Plug’s annual symposium.
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According to data from Benzinga Pro, Novavax has a 52-week high of $46.50 and a 52-week low of $12.70.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.