Shares of Plug Power (PLUG) plummeted 5.06% during Wednesday's trading session, as Wall Street analysts continue to express concerns about the company's profitability and business model. The sharp decline comes amid ongoing skepticism about the economic viability of Plug Power's hydrogen fuel systems technology.

Morgan Stanley analysts have taken a particularly bearish stance on the stock, maintaining a sell rating with a price target of just $0.75 - approximately 50% below the current share price. This pessimistic outlook is primarily driven by significant doubts about Plug Power's ability to execute its strategy effectively without resorting to dilutive capital raises.

The core issue plaguing Plug Power is the lack of economic competitiveness in the hydrogen fuel market. Despite industry forecasts predicting a 30-fold increase in clean hydrogen fuel demand by 2030, the technology remains largely uncompetitive compared to traditional fossil fuels and other renewable energy sources like wind and solar. This challenge is compounded by the company's heavy reliance on government subsidies and regulations to maintain financial viability, creating ongoing risks for investors.

Plug Power's financial struggles are evident in its consistent negative net income reports and the near-doubling of its share count in recent years, significantly diluting existing shareholders. As the company continues to grapple with profitability concerns, investors appear to be losing confidence in its ability to capitalize on the potential growth in the hydrogen fuel market without further financial strain.