NEW YORK (TheStreet) -- Plug Power (PLUG) had a rough day today, plummeting 16.12% to end the week at $6.71. The news that two different research firms downgraded Plug hit hard, sending the stock into a downward spiral.
Roth Capital downgraded the hydrogen fuel cell maker to "neutral" from "buy". Even though the company's bookings look set to keep growing, it posted losses of $28.9 million in its fiscal fourth quarter, compared to an $8.5 million loss in the prior year's quarter.
Roth Capital also warned that shipments of the fuel cells could be delayed due to the company's customers lacking the hydrogen infrastructure needed to utilize Plug's fuel cells. The research firm added that building the infrastructure could take some time, which would further hurt sales.
Plug Power CEO Andy Marsh says that he expects the company to break even by the third quarter this year and be profitable for the first time in the fourth quarter of 2014.
In the short term the company plans to focus on switching forklifts over to the cheaper and quicker charging hydrogen fuel cells. Future endeavors include placing fuel cells in ground support equipment at airports; replacing noisy and expensive diesel powered refrigeration units in food delivery trucks with their quieter fuel cells, as well as range extenders for electric delivery trucks.
TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation: