Plug Power (PLUG) Drops Today After Previous Boost (Update 1)

Updated 4:56 p.m. to include closing price, change and volume.

NEW YORK
 (TheStreet) -- Plug Power  (PLUG) closed out the trading day Thursday with a 27.03% to $3.32 after it soared more than 40% earlier in the week. The stock had a volume of 64,178,419 compared to its average volume of 12,136,400.

The stock hit a low of $3.31 for the day and a high of just $4 after the stock closed at $4.55 on Wednesday. Plug Power has a one-year high of $4.90 and a one-year low of $0.12.

Plug Power announced on Tuesday that it would start to develop hydrogen fuel-cell range extenders for 20 FedEx (FDX) delivery trucks, which should allow the vehicles to cover twice as much ground. The U.S. Department of Energy will fund the $3 million project, which includes Plug Power, FedEx Express and Smith Electric Vehicles as partners. Lithium-ion batteries and Plug Power's own 10-kilowatt hydrogen fuel cells will power the new hybrid trucks. Plug Power's GenDrive Series 1000 products provide the basis for the fuel cell solution.

TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. The team has this to say about its recommendation:

"We rate PLUG POWER INC (PLUG) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and disappointing return on equity."

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