Why Shares of Plug Power Are Sinking Today
Investors hoping that shares of Plug Power (NASDAQ: PLUG) would rebound from the 9% loss they suffered last week are feeling disappointment in the early hours of today's trading session. It seems that the market hasn't recovered from the bearish attention the fuel cell stock received from analysts last Friday.
As of 11:25 a.m. ET, shares of Plug Power are down 2.8%, having recovered slightly from their earlier drop of 6.4%.
Plug Power held its annual Plug Symposium last Wednesday, and while management hoped to electrify excitement for the company's prospects, it seems that analysts weren't overly impressed. On Friday, George Gianarikas, an analyst at Canaccord, assumed coverage on the stock, rating it a hold and assigning a price target of $16. According to TheFly.com, Gianarikas is unconvinced that Plug can achieve its lofty projections: daily liquid green hydrogen production of 500 tons and 1,000 tons by 2025 and 2028, respectively.
Source Fool.com
