Why Plug Power Stock Is Plunging
Portfolio Pulse from Adam Eckert
Plug Power Inc (NASDAQ:PLUG) shares are down after reporting mixed Q2 results and being downgraded by Roth MKM analysts. Q2 revenue increased 72% YoY to $260.18 million, beating estimates. However, the company reported a loss of 40 cents per share, missing estimates. Plug Power reaffirmed its full-year 2023 revenue guidance of $1.2 billion to $1.4 billion. Roth MKM downgraded the stock from Buy to Neutral and lowered the price target from $13 to $7.50.
August 10, 2023 | 1:14 pm
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NEGATIVE IMPACT
Plug Power's mixed Q2 results and the downgrade by Roth MKM analysts have led to a drop in its stock price.
Plug Power's Q2 revenue beat estimates, but the company reported a larger loss than expected. This mixed performance, coupled with a downgrade and lowered price target by Roth MKM, has negatively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100