Plug Power Stock Is Hitting New 52-Week Lows: What's Going On?
Portfolio Pulse from Adam Eckert
Plug Power Inc (NASDAQ:PLUG) shares continue to decline, hitting new 52-week lows, following a downgrade by Susquehanna analyst Biju Perincheril from Positive to Neutral. The downgrade was due to near-term uncertainties, including delays in the company's green hydrogen production facility and concerns over financing for growth plans. Revenue estimates were also lowered for Q4 and the years 2024 and 2025. The company's stock fell nearly 65% last year and is down over 25% in the last week. A business update is scheduled for January 23.
January 17, 2024 | 3:58 pm
News sentiment analysis
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NEGATIVE IMPACT
Plug Power Inc's stock continues to fall after a downgrade by Susquehanna due to uncertainties around its green hydrogen facility and financing issues. The company's stock has been underperforming, with significant losses over the past year and recent weeks.
The downgrade by a prominent analyst due to significant operational and financial concerns has likely shaken investor confidence, leading to a decrease in stock price. The recent poor performance and the 'going concern' warning from the last earnings report add to the negative sentiment. The upcoming business update may provide some clarity, but until then, the outlook remains bearish.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100