What's Going On With Plug Power Stock?
Portfolio Pulse from Henry Khederian
Plug Power Inc (NASDAQ:PLUG) shares dropped by 6.6% to $3.90 following a downgrade by Citigroup from Buy to Neutral and a price target reduction from $12.5 to $5. The downgrade comes after last week's Q3 financial results, which included a 'going concern' warning due to a substantial deficit, cash flow issues, and predicted losses of $3.8 billion. The company's poor performance was attributed to challenges in the hydrogen network, leading to revenue shortfalls and a net loss of 47 cents per share.

November 17, 2023 | 4:21 pm
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NEGATIVE IMPACT
Plug Power's stock is under pressure after Citigroup downgraded the stock and slashed its price target, compounded by last week's poor Q3 results and a 'going concern' warning.
The downgrade by Citigroup and the 'going concern' warning following poor Q3 results are significant negative factors that are likely to impact investor confidence and the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100