By midafternoon, shares had tumbled -17.2% to $4.45. Since Friday morning, the stock has plummeted 26.3%.
Last week, the fuel cell company priced its follow-on offering of 22.6 million shares at $5.50 a share. Plug Power said it had also granted underwriters a 30-day option to purchase up to an additional 3.39 million shares. The gross proceeds will be $124.3 million, while net proceeds are expected to total $116.3 million. The offering is expected to close around April 30.
Also affecting sentiment on Monday, Global Equities Research's Trip Chowdhry said in a report that fuel cell cars are a "complete failure," noting they are "not a viable source of fuel for automobiles."
Separately, 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:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by multiple weaknesses, 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 weak operating cash flow."