Shares of several companies in the broader industrial sector, including Plug Power Inc (NASDAQ:PLUG), are trading higher as stocks rebound following a steep selloff in the month of January, which was driven by concerns of Fed policy tightening going into 2022.
Plug Power shares are otherwise trading lower by 25% in January. The clean energy manufacturing sector saw marked strength in 2021. The sector benefited after the U.S. House of Representatives in November passed a $1.2 trillion infrastructure bill, which includes $7.5 billion of funding to create a nationwide network of EV charging stations. The sector experienced a selloff going into the new year as concerns over Fed tightening policy weighed on growth stock valuations.
Plug Power is an innovator of modern hydrogen and fuel cell technology. It has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable and cost-effective way.
Plug Power has a 52-week high of $70.51 and a 52-week low of $17.51.
