What's Going On With Plug Power Stock?
Portfolio Pulse from Erica Kollmann
Plug Power, Inc. (NASDAQ:PLUG) stock is experiencing an upward trend, rising over 18% in the past five days. The surge follows the Federal Reserve's decision to hold interest rates steady, with indications of possible rate cuts in 2024, which boosted the broader market. Plug Power's trading volume is high, with over 18 million shares traded, against a 100-day average of 31.937 million. Morgan Stanley analyst Arthur Sitbon downgraded the stock from Equal-Weight to Underweight and reduced the price target from $3.50 to $3. The stock is heavily shorted, with 25.86% of available shares sold short. At the time of publication, PLUG shares are up by 14.5% at $4.94.
December 14, 2023 | 3:30 pm
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POSITIVE IMPACT
Plug Power's stock is rising due to market momentum following the Fed's interest rate decision and positive investor sentiment. Despite a downgrade and price target cut by Morgan Stanley, the stock is trading higher with significant short interest.
The short-term impact on PLUG is positive due to the broader market rally following the Fed's announcement. However, the analyst downgrade and price target cut could temper gains. The high short interest indicates potential for a short squeeze, which may further drive up the price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100