Plug Power Down Over 37%, Issues Going Concern Warning — 4 Analysts Slash Stock Outlooks
Portfolio Pulse from Surbhi Jain
Plug Power Inc (NASDAQ:PLUG) shares dropped over 37% after reporting disappointing Q3 results and a going concern warning. Analysts from Oppenheimer, Truist Securities, RBC Capital Markets, and BMO Capital Markets have downgraded their price targets due to challenges such as hydrogen supply shortages, working capital normalization, and the need for external financing. The company's balance sheet is under stress, and there is significant concern about its ability to continue.
November 10, 2023 | 4:31 pm
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NEGATIVE IMPACT
Plug Power's stock plummeted due to poor Q3 results and a going concern warning, with analysts cutting price targets and expressing concerns over the company's financial health and hydrogen supply challenges.
The significant drop in PLUG's stock price is directly related to the negative Q3 earnings report and the going concern warning. Analysts' downgrades and reduced price targets reflect a consensus on the company's immediate financial challenges and supply chain issues, which are likely to continue affecting the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100