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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.

House passes bill making Juneteenth a federal holiday

Juneteenth march on June 19, 2020 in the Brooklyn borough of New York City. Photo by Robert Nickelsberg/Getty Images)

The House voted 415-14 on Wednesday to make Juneteenth a federal holiday.

The big picture: All those voting against the measure were Republicans. The vote comes one day after the Senate unanimously approved the bill and three days before the holiday.

3 hours ago - Politics & Policy

Group of 20 bipartisan senators back $1.2T infrastructure framework

U.S. Senate Majority Leader Chuck Schumer (D-NY) arrives for a meeting with Senate Budget Committee Democrats in the Mansfield Room at the U.S. Capitol building on June 16, 2021 in Washington, DC. The Majority Leader and Democrats on the Senate Budget Committee are meeting to discuss how to move forward with the Biden Administrations budget proposal. Photo: Samuel Corum / Getty Images

A group of 10 Democratic and 10 Republican senators (the "G20") tasked with negotiating an infrastructure deal with the White House has released a statement in support of a $1.2 trillion framework.

Why it matters: Details regarding the plan have not yet been released, but getting 10 Republicans on board means the bill could get the necessary 60 votes to pass.

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