Benzinga | Oct 4, 2021 12:58PM EDT

Why Plug Power Shares Are Falling

Plug Power Inc (NASDAQ:PLUG) shares are trading lower amid a rise in bond yields, which has weighed on growth stock valuations. The company is seen as an EV play, which has seen volatility.

The 10-year Treasury yield hit an intraday high of 1.508% Monday morning before dipping to around the 1.496% level. The spike in the 10-year note Monday comes after the Federal Reserve in September spoke on winding down its ongoing asset purchasing program.

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 $75.49 and a 52-week low of $13.27.