Why Plug Power's Stock Is Trading Lower Today

Plug Power (NASDAQ: PLUG) shares are trading lower on Wednesday. The weakness potentially related to volatility in other EV names, as Tesla’s (NASDAQ: TSLA) battery day and a recent short-seller report on Nikola (NASDAQ: NKLA) could cause sector uncertainty.

Plug Power also announced a new partnership with Universal Hydrogen. Under this partnership, the companies plan to develop, build, and certify a commercially-viable hydrogen fuel cell-based propulsion system designed to power commercial regional aircraft.

Plug Power is an innovator of modern hydrogen and fuel cell technology. It has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable and cost-effective way.

Plug Power shares were trading down 1.24% at $12.77 at the time of publication Wednesday. The stock has a 52-week high of $14.35 and a 52-week low of $2.32.