Why Plug Power Stock Dropped Again Today

Hydrogen fuel cell stock Plug Power (NASDAQ: PLUG) dropped another 5.6% in early trading on the Nasdaq Stock Market Tuesday, and is still down 3.8% as of 10:30 a.m. EDT. The stock is probably still reacting to the sudden restart of coverage -- at a lower rating of equal weight -- by Morgan Stanley that torpedoed shares of not only Plug, but also FuelCell Energy and Bloom Energy yesterday. According to a copy of Morgan Stanley's note, via TipRanks, in addition to the factors we already mentioned (worries that Plug stock has only "modest stock price upside" at its current valuation), we now know that Morgan Stanley has other concerns about Plug stock as well.