Plug Power, Inc. ( PLUG ) shares are trading lower Monday, extending losses of more than 35% over the past month.

PLUG stock is showing notable weakness. Track the latest developments here.

What To Know: On Nov. 10, the company reported third quarter earnings. Specifically, the company reported a loss of 12 cents per share, beating the consensus estimate of a 13 cent-loss. In addition, the Plug reported sales of $177.055 million, missing the consensus estimate of $179.53 million.

Following the earnings report, Susquehanna analyst Biju Perincheril maintained a Neutral rating on Plug and lowered the price target from $3.5 to $2.5.

Today the company reported it secured a 55-megawatt electrolyzer supply agreement for three large green hydrogen projects being advanced by Carlton Power in the United Kingdom – the largest combined electrolyzer award announced in the country to date.

PLUG Analysis: Plug’s year-to-date performance reflects a decline of 10.9%, indicating a challenging year for investors. Currently, Plug Power Inc. ( PLUG ) holds a market capitalization of $3.12 billion, positioning it as a mid-sized player in the hydrogen fuel cell sector.

From a technical perspective, Plug is trading approximately 23.5% below its 50-day moving average of $2.71, suggesting a bearish trend in the short term. The 200-day moving average stands at $1.70, indicating that the stock is trading approximately 22% above this longer-term indicator, which may provide a level of support if the downward momentum continues. The Relative Strength Index (RSI) is at 38.36, signaling a neutral stance, but it is approaching oversold territory, which could indicate a potential reversal if buying interest emerges.

With no clearly defined support levels from recent price action, the 50-day moving average may serve as a critical support point. Conversely, resistance could be identified at the psychological level of $2.50 or the 52-week high of $4.58, which may act as a barrier for any upward movement in the near term.

In comparison to its peers, Plug Power's ( PLUG ) market cap of $3.12 billion positions it among the larger companies in the hydrogen fuel cell industry, alongside companies like Ballard Power Systems (BLDP) and FuelCell Energy (FCEL). This relative size may provide some resilience; however, the current price action suggests that investor sentiment is cautious.

Given the current setup, the stock’s proximity to the 50-day moving average could be pivotal. A sustained move below this level may trigger further selling pressure, while a bounce off this support could indicate a potential recovery attempt, making the next few trading sessions critical for determining the stock’s direction.

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PLUG Price Action: At the time of writing, Plug shares are trading 8.02% lower at $2.07, according to data from Benzinga Pro.

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