What happened Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) have had an amazing run over the past year -- up more than 15-fold in 12 short months. That sounds like great news for the stock, but one analyst has a different word for it: "absurd." In a series of tweets this morning, short-seller Kerrisdale Capital Management laid out its case against Plug stock, and it appears to be having an effect on the stock already. Plug shares are down 6.5% as of 11:30 a.m. EST. But what specifically does this analyst have against the company? Image source: Getty Images. So what Announcing its short position in Plug stock today, Kerrisdale warns that investors have been investing their "hopes, dreams, and delusions of the green hydrogen energy movement" in Plug stock, "but the 'Hydrogen Economy' is a mirage." Citing Elon Musk, a well-known critic of the technology, Kerrisdale argues that "the world will *never* meaningfully use 'green' hydrogen for energy. It's too expensive and inefficient to make, store, transport, and use" -- and it's a "delusional fantasy" to think differently. The world will *never* meaningfully use "green" hydrogen for energy. It's too expensive and inefficient to make, store, transport, and use. Just ask https://twitter.com/elonmusk?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");: https://t.co/fqUY3gDnqT. Li-batteries are better in nearly all use cases & their superiority grows each year (3/9) — Kerrisdale Capital (@KerrisdaleCap) https://twitter.com/KerrisdaleCap/status/1351911677651005446?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); Now what So what is the future for Plug stock, in Kerrisdale's estimation? Pointing out that Plug gets 70% of its sales from just two customers, Amazon.com and Walmart, both of which "are incentivized to buy Plug equipment in return for cheap $PLUG warrants," the analyst implies that the company may have trouble finding other customers willing to buy its products without the warrants. At that point, the weakness of the business would become apparent. Ultimately, Kerrisdale thinks Plug stock "isn't worth $1B, let alone $40B," and it might even be right about that. It wasn't so long ago, after all -- February 2019 -- that all of Plug Power could be bought for less than a $1 billion market capitalization. 10 stocks we like better than Plug PowerWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Plug Power wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Rich Smith has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.Source