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Data: Investing.com; Chart: Axios Visuals

Plug Power's share price fell 6% on Thursday and slipped another 1% in after-hours trading following a Hindenburg Research-esque short seller report on the company from Kerrisdale Capital.

What they're saying: "We are short shares of Plug Power, a $40 billion provider of hydrogen fuel-cell solutions that’s set to generate a paltry $300 million in revenue in 2020 and trades at 40x its own aggressive revenue projection for 2024."

  • "The company’s stock has almost doubled in just the last few weeks, and has risen by 15x in the last year, on the naïve excitement of uninformed investors over the prospects of the 'hydrogen economy,' or the idea that hydrogen and the fuel-cells (FCs) it can power will be a critical part of the transition from fossil fuels to 'green' energy."
  • "But it’s all just a pipe dream, because 'green' hydrogen is too expensive and too inefficient to produce, store, transport, and burn."

The intrigue: In contrast to Hindenburg's scathing report on electric truck manufacturer Nikola, Kerrisdale doesn't allege that Plug is necessarily deceiving investors, just that for it to ever be profitable the company's technology would need to overcome the laws of physics.

Why it matters: While Nikola seemed to be a case of a company asserting its vehicles did things that they couldn't, Plug's seems to simply be a case of a company whose revenues and potential revenues don't justify its valuation.

  • But the market has shown that in 2021 such concerns may be irrelevant.
  • Plug is up 1400% over the past year.

Go deeper: A Short Seller Pans Plug Power Stock. But Wall Street Disagrees. (Barron's)

Go deeper

Wall Street's own populist revolt

Data: FactSet; Chart: Axios Visuals

A popular rebellion, organized by the powerless against the powerful. It might have failed in Washington, but it certainly seems to be working on Wall Street.

Driving the news: The market value of GameStop closed at more than $10 billion on Tuesday, on record volume of more than $26 billion.

DOJ cites discrimination in lawsuit against Texas over voting districts

Attorney General Merrick Garland. Photo: Alex Wong/Getty Images

The Department of Justice on Monday filed a lawsuit against Texas, alleging Republican state lawmakers discriminated against Black and Latino voters and has "again diluted the voting strength of minority Texans" when they approved new redistricting maps.

Why it matters: A DOJ assessment of the new districts found that they violate Section 2 of the Voting Rights Act, Attorney General Merrick Garland said at a press conference.

3 hours ago - World

Biden to warn Putin U.S. will add troops in Eastern Europe if Russia invades Ukraine

Putin meets Biden in Geneva. Photo: Peter Klaunzer - Pool/Keystone via Getty

President Biden will warn Russian President Vladimir Putin when they speak on Tuesday that if Russia invades Ukraine, the U.S. is prepared to increase its troop presence, capabilities and military exercises on NATO's "eastern flank," a senior administration official told reporters.

Why it matters: The administration believes it's increasingly likely that Putin will order an invasion.

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