Connect with us

Hi, what are you looking for?

Stock

Plug Power stock price hit amid more analyst downgrades

Plug Power (NASDAQ: PLUG) stock price has been in a freefall in the past few months as analysts continued downgrading the company. The shares plunged to $11 on Monday after another downgrade by analysts at Morgan Stanley. This price is about the lowest level in 2020 and is ~75% below the highest point in 2022.

PLUG stock downgraded

Plug Power is an American firm that seeks to change the clean energy industry by providing hydrogen fuel cells. Its technology is mostly used in the mobility industry, where it hopes to be a market leader when the world transitions to hydrogen vehicles. It is also used in industries like stationary power like data centers, railroad, and telecom.

Plug Power stock price surged during the Covid-19 pandemic as low-interest rates pushed investors to invest in unprofitable companies. Low rates also pushed more people to invest in companies with a renewable energy angle.

However, recently, analysts have continued slashing their outlook about the stock. The most recent downgrade came from Morgan Stanley, which downgraded the shares from overweight to equal weight. They then slashed their rating from $35 to $15. 

Other analysts have been bearish on the Plug Power stock price. For example, Citigroup downgraded the stock from $21 to $20 while JP Morgan slashed their ratings from $24 to $23. Other bearish analysts are from Piper Sandler, RBC, and BMO Capital Markets. The most bearish analysts are from Wells Fargo, who expect the stock to move to $13.

Most of these downgrades came after the company published weak financial results. Its revenue came in at $220 million, which missed analysts’ forecasts by $48 million. The company lost 38 cents per share. In a statement, the management attributed the underperformance to obstacles when introducing new products, hydrogen plant construction delays, and macro conditions.

Plug Power stock price forecast

PLUG chart by TradingView

Is it safe to buy Plug Power shares? The daily chart shows that the Plug Power share price has been in a freefall in the past few months. It is trading at $11.60, which was also the lowest level on December 28. The stock remains below the 50-day and 100-day exponential moving averages (EMA).

Plug Power shares have also formed a descending triangle pattern. In price action analysis, this pattern is usually a bearish sign. Therefore, there is a likelihood that the shares will continue falling, with the next target being at the psychological level of $10. However, a move above the upper side of the triangle pattern will invalidate the bearish view.

The post Plug Power stock price hit amid more analyst downgrades appeared first on Invezz.

    You May Also Like

    Stock

    On the surface, index and stock options are very similar. Still, there are some differences that traders should be aware of. Understanding these differences...

    Latest News

    The FBI was not forthcoming with the Trump, Biden and Pence classified documents during a House Intelligence Committee briefing last week, and lawmakers still...

    Editor's Pick

    iBASIS and Sequans have been selected by Actility to meet its delivery schedule for eSIM and iSIM iBASIS and Sequans now considered frontrunners in...

    Economy

    American Airlines is getting rid of its traditional frequent flyer award chart as the carrier moves toward dynamic pricing for mileage redemptions, the latest shift in its lucrative AAdvantage...

    Disclaimer: Richpeoplenetworks.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Richpeoplenetworks.com