Plug Power Stock Slumped 25% in November. Should You Buy It Now?

Core Viewpoint - Plug Power's stock has experienced a significant decline, dropping 25.3% in November, despite being up over 120% in the past six months, raising questions about whether it is a buying opportunity or a reason to stay cautious [1]. Company Performance - Plug Power has been a leader in the green hydrogen sector, with a growing contract book and over 72,000 fuel-cell stationary power systems deployed in the last two decades [3]. - The company's revenue increased by only 2% year over year in Q3, and its gross loss widened by 20% to $120 million, highlighting ongoing profitability challenges [4]. - Plug Power has suspended its expansion program for green hydrogen production, which was dependent on a $1.66 billion loan from the Department of Energy that has been paused under the current administration [6]. Market Sentiment - Despite recent setbacks, there was optimism surrounding Plug Power's future, with analysts like H.C. Wainwright's Amit Dayal raising the price target from $3 to $7 per share in October [7]. - The upcoming arrival of a new CEO in March 2026 is seen as a potential turning point, but the effectiveness of the leadership transition remains uncertain [8].