|Bid||11.40 x 3200|
|Ask||11.46 x 27000|
|Day's Range||11.26 - 11.78|
|52 Week Range||2.06 - 12.20|
|Beta (5Y Monthly)||1.20|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 05, 2020 - Nov 09, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||12.77|
Management is taking advantage of current, welcoming market conditions by raising money. The stock fell in response.
Shares of hydrogen fuel cell stock Plug Power (NASDAQ: PLUG) tumbled more than 10% this morning, and remain down 8.3% as of 9:50 a.m. EDT, after the company announced last night that it will sell as many as 35.3 million new shares of stock to raise cash. It's bad news for existing shareholders, however, because the addition of 35.3 million new shares to Plug's already 363.6 million shares outstanding (per data from S&P Global Market Intelligence) will dilute Plug's current owners out of about 8.8% of their ownership stake -- a number not coincidentally close to Plug's percentage decline today. In its entire 23-year history, Plug Power stock has never earned a full-year profit.
Those familiar with this fuel cell specialist shouldn't be all that shocked at its latest decision to issue equity.