Why Plug Power Stock Is Losing Charge Premarket
Portfolio Pulse from Shanthi Rexaline
Plug Power, Inc. (NASDAQ:PLUG) shares dropped in premarket trading following a downgrade by Piper Sandler analyst Kashy Harrison from Neutral to Underweight, with a new price target of $2.30, indicating a potential 48% downside. This follows a previous downgrade by Morgan Stanley and a third-quarter earnings miss accompanied by a 'going concern' warning. The stock fell 4.25% to $4.06 in premarket trading.
December 19, 2023 | 12:49 pm
News sentiment analysis
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NEGATIVE IMPACT
Plug Power's stock was downgraded by Piper Sandler from Neutral to Underweight with a price target of $2.30, suggesting significant downside. This follows a negative trend after a Q3 earnings miss and a 'going concern' warning.
The downgrade by Piper Sandler is a strong negative signal to investors, indicating a lack of confidence in the company's near-term prospects. The significant reduction in the price target, along with the recent 'going concern' warning and Q3 earnings miss, are likely to weigh heavily on investor sentiment and the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100