© Reuters. After Rallying More Than 35% in the Past 3 Months, is Plug Power Still a Buy?
Shares of green hydrogen producer Plug Power (NASDAQ:) have been soaring in price thanks to several positive developments at the company. But can the stock continue to rally even as the supply chain crisis continues? Let’s find out.Hydrogen solution provider Plug Power Inc. (PLUG) recently announced a partnership with Lhyfe to jointly pursue and develop green hydrogen generation plants throughout Europe. The Latham, New York, company also executed a definitive agreement to acquire Applied Cryo Technologies, Inc., which should help it expand the green hydrogen ecosystem. Over the past month, the stock has gained 65.4% in price to close yesterday’s trading session at $40.23.
However, the stock has lost 40.5% over the past nine months and is currently trading 46.7% below its 52-week high of $75.49, which it hit on January 26, 2021. PLUG’s losses widened in the second quarter. In addition, the company’s business could be affected by supply chain constraints. So, PLUG’s near-term prospects look bleak.
Here is what could influence PLUG’s performance in the coming months:
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