What's Going On With Plug Power Stock?
Portfolio Pulse from Erica Kollmann
Plug Power, Inc. (NASDAQ:PLUG) reported fiscal year 2023 results with losses of $2.30 per share and sales of $891.34 million, missing analyst consensus estimates. Despite the initial drop in stock price following the earnings report, PLUG shares have recovered, rising over 18% since Monday. Analysts from Evercore ISI Group, Canaccord Genuity, and Craig-Hallum have updated their coverage on PLUG, adjusting their price targets.
March 06, 2024 | 6:27 pm
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POSITIVE IMPACT
Plug Power reported FY2023 results missing estimates but shares recovered, rising over 18%. Analysts adjusted price targets.
Despite missing FY2023 estimates, PLUG's stock recovery indicates investor optimism. Analysts' revised price targets reflect a recalibration of expectations but also suggest a belief in the company's potential for growth. The stock's quick recovery and the adjustments by analysts could signal a positive short-term outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100