Plug Power Inc PLUG shares closed Thursday down nearly 15%. The stock fell alongside several names in the broader industrials sector amid overall market weakness following U.S. Fed chair Jay Powell's hawkish rate hike commentary.
The Federal Reserve needs to move faster than it has in the past to tame high inflation, Powell said Thursday in an International Monetary Fund debate.
Plug Power shares surged earlier this week after the company announced an agreement with Walmart Inc WMT. Plug will deliver up to 20 tons per day of liquid green hydrogen to power material handling lift trucks across Walmart distribution and fulfillment centers in the U.S.
See Also: Plug Power Charges Ahead, But Can The Stock Break Through This Indicator?
Plug Power said it's targeting 70 tons per day (TPD) of green hydrogen production by the end of 2022 and remains on track for 500 TPD of production in North America by 2025 and 1,000 TPD on a global basis by 2028.
PLUG 52-Week Range: $17.51 - $46.50
According to data from Benzinga Pro, the stock closed down 14.2% at $22.85 on Thursday.
Photo: courtesy of Plug Power.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
