ATLANTIC CITY, NJ – Orsted, the Danish company building a controversial wind farm project off the cost of New Jersey is having financial problem and its stock is tumbling. This isn’t just due to the recent 25% crash on Wednesday.
Orsted’s stock price has been in decline sine 2021 when it reached a peak price of $74.10. Today, the stock was traded at $21.74, a nearly 71% decline.
Today, the stock is worth just a few dollars more than when it went live in 2017.
Orsted stock (OTCMKTS:DINNGY) fell to $21.74 on Friday, marking a significant decrease from its $63 value in 2021. The stock dropped 25% in just one day on Wednesday and continued to slide on Thursday and Friday.
The Danish renewable energy company has been a leader in the industry but recently faced various challenges, including regulatory hurdles and increased competition. Investors reacted swiftly to the news, leading to the sharp decrease in stock value.
Market analysts are closely monitoring the situation to determine future implications for both the company and the renewable energy sector.
Orsted has not yet issued a statement regarding the sudden drop in its stock price.
The company said it could consider simply walking away from the New Jersey wind farm if it can’t turn a profit, but said it also wants the state to provide more tax credits after a reported $1 billion tax break given by the state last month.