10 Stocks Taking a Nosedive

8. Plug Power Inc. (NASDAQ:PLUG)

Plug Power dropped its share prices by 5.56 percent on Wednesday, a second day, to finish at $3.65 apiece as investor sentiment was dampened by a rating downgrade from an investment firm, alongside key leadership changes.

On Tuesday, Plug Power Inc. (NASDAQ:PLUG) announced that its president, Sanjay Shrestha, is stepping down from his role effective Friday, October 10, while CEO Andy Marsh, will take over the role of executive chairman.

The company did not divulge any reason for Shrestha’s resignation.

Both roles will be assumed by Chief Revenue Officer Jose Luis Crespo, who joined Plug Power Inc. (NASDAQ:PLUG) in 2014, where he played a pivotal role in the company’s sales funnel exceeding $8 billion.

Following the new leadership announcement, investment firm Clear Street downgraded Plug Power Inc. (NASDAQ:PLUG) to “hold” from “buy” previously, supported by valuation concerns amid a sharp 154 percent rally in just the past month.