Why Plug Power Stock Reversed Course Today

After gaining 14% on the heels of its first-quarter 2021 financial results yesterday, Plug Power (NASDAQ: PLUG) stock has reversed course today. As of 12:15 p.m. EDT, Plug Power shares are down 3.9% after having dropped as much as 6% earlier in the session. 

The mixed earnings report included a sharp 76% increase in revenue versus the year-ago period along with a jump in costs and continued bottom-line losses. Today, an analyst with Canaccord Genuity decided the company didn't deserve his previously optimistic outlook after the report. Jed Dorsheimer downgraded Plug Power shares from buy to hold and slashed the firm's price target by more than half to $31 per share, as reported by Benzinga. 

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Source Fool.com