Plug Power (PLUG) Falls on Rating Downgrade, President Exit

We recently published 10 Stocks Taking a Nosedive. Plug Power Inc. (NASDAQ:PLUG) is one of the worst performers on Wednesday.

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.

While we acknowledge the risk and potential of PLUG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLUG and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.