What's Going On With Plug Power Stock?
Portfolio Pulse from Erica Kollmann
Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower after multiple analysts downgraded the stock to Neutral and set price targets around $4.50-$4.75. UBS and Seaport Global analysts cited concerns, while Redburn Atlantic initiated coverage with a Neutral rating. Despite the downgrades, Plug Power announced the restart of its hydrogen plant in Tennessee, aiming to improve efficiency and supply. The stock is currently trading above its 50-day moving average, with a significant portion of shares being sold short.
February 07, 2024 | 8:18 pm
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Plug Power shares are trading lower after analyst downgrades and a price target adjustment. The company also announced the restart of its hydrogen plant in Tennessee.
The downgrades by multiple analysts to a Neutral rating and the setting of price targets below the current trading price suggest a bearish outlook for PLUG in the short term. However, the restart of the hydrogen plant in Tennessee could provide some positive momentum by increasing supply and efficiency, potentially offsetting some negative sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100