Plug Power: Same Old Story In 2023
- Plug Power started 2023 by again cutting revenue targets for 2022.
- The green hydrogen company has elevated costs and future revenue backlog far below the 2023 guidance level.
- The stock remains a Sell, even with the dip below $15.
- This idea was discussed in more depth with members of my private investing community, Out Fox The Street. Learn More »
Plug Power (NASDAQ:PLUG) has started 2023 off the same way the company ended prior years. The green hydrogen company spent January busily cutting revenue guidance, cancelling a big deal with a partner and announcing another deal. My investment thesis remains Bearish on the stock due to a constant overpromising and underdelivering record while burning tons of cash on excessive spending.
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