Plug Power Stock Is Plunging: What's Going On?
Portfolio Pulse from Adam Eckert
Plug Power Inc's (NYSE:PLUG) shares are trading lower following a price target cut from Truist Securities. The analyst lowered the price target from $9 to $8, citing more moderate sequential growth in Q3 due to production timing and electrolyzer shipments more weighted for Q4. The analyst also mentioned potential delays to PTC guidance due to the threat of a government shutdown impacting PLUG's financing efforts. The stock is also facing additional selling pressure due to a breakdown in technical support.
October 02, 2023 | 4:43 pm
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NEGATIVE IMPACT
Plug Power's stock is trading lower due to a price target cut from Truist Securities and a breakdown in technical support.
The stock is trading lower due to a price target cut from Truist Securities, which is a negative signal for investors. Additionally, the stock is facing additional selling pressure due to a breakdown in technical support, which could lead to further declines in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100