Plug Power Stock Re-Charges After Q3 Earnings Disappointment: What's Going On?
Portfolio Pulse from Erica Kollmann
Plug Power, Inc. (NASDAQ:PLUG) is experiencing a rebound with shares trading higher, following a 40% drop after a disappointing Q3 earnings report and a 'going concern' warning. The stock rose 15% on Tuesday despite UBS analyst Manav Gupta lowering the price target from $15.5 to $5. The company is also facing significant short interest, with 24.08% of PLUG shares sold short. Trading volume has surged, with nearly 40 million shares traded compared to an average of over 25 million.
November 15, 2023 | 6:18 pm
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POSITIVE IMPACT
Plug Power's stock is recovering after a significant drop due to poor Q3 earnings and a 'going concern' warning. The stock is up 15%, even after a price target reduction by UBS. High short interest and trading volume indicate market attention.
The stock's recovery indicates investor optimism despite the negative factors such as the earnings disappointment and the price target cut. The high short interest could lead to a short squeeze if the upward momentum continues, which may further drive the stock price up in the short term. However, the 'going concern' warning still looms over the company, which could limit the stock's upside or lead to volatility.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100