Why Plug Power Stock Is Sliding In Thursday's Premarket
Portfolio Pulse from Shanthi Rexaline
Plug Power's stock is sliding in premarket trading due to a reduced price target from Jefferies. The company has faced declining revenues and wider losses, but reassured investors about its cash position. Recent funding and a DOE grant are notable developments.
October 03, 2024 | 12:12 pm
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Plug Power's stock is down in premarket trading after Jefferies reduced its price target from $2.20 to $2, maintaining a Hold rating. The company has faced declining revenues and wider losses, but reassured investors about its cash position. Recent funding and a DOE grant are notable developments.
The reduction in price target by Jefferies indicates a negative sentiment from analysts, which is likely to impact the stock negatively in the short term. The company's financial struggles, including declining revenues and wider losses, add to the negative outlook. However, the recent funding and DOE grant provide some positive aspects, but are not enough to offset the overall negative sentiment.
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