What's Going On With Plug Power Stock Thursday?
Portfolio Pulse from Erica Kollmann
Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower despite Citigroup initiating coverage on the company with a Buy rating and a price target of $13, implying a potential return of nearly 22%. The broader market is selling off due to the ADP National Employment Report, which raised the chances for a 0.25% interest rate hike in July. Plug Power has a considerable short interest with 19.39% of available shares being sold short.
July 06, 2023 | 4:28 pm
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Despite positive coverage from Citigroup, Plug Power's stock is trading lower due to broader market conditions and potential interest rate hikes. The company also has a high short interest.
The broader market sell-off and potential interest rate hikes are negatively impacting Plug Power's stock. Despite the positive coverage from Citigroup, the stock is trading lower. Additionally, the company has a high short interest, which could lead to increased volatility.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100