Analyst Issues Warning After Energy Firm's Quarterly Loss

Plug Power missed Q3 earnings and revenue expectations

Deputy Editor
Nov 10, 2023 at 9:28 AM
facebook X logo linkedin

Shares of Plug Power Inc (NASDAQ:PLUG) are 35% lower before the open, after RBC Capital Markets and J.P. Morgan Securities hit the hydrogen fuel cell firm with substantial post-earnings bear notes.

Digging deeper, Plug Power reported a larger-than-expected loss for the third quarter after last night's close that accompanied a revenue miss. In response, RBC downgraded PLUG to "sector perform," citing a series of "unprecedented challenges that hindered hydrogen supply during the quarter." Plus, J.P. Morgan Securities cut its rating to "neutral."

In addition, the security attracted no fewer than nine price-target cuts. There's still a lot of optimism to unwind, too, as 12 of 20 covering brokerages rated Plug Power stock a "buy" or better coming into today. What's more, the 12-month average target price of $13.53 is a more than 200% premium to last night's close.

On the charts, PLUG is poised to open below the $5 level for the first time since mid-2020. Should these premarket losses hold, it will mark the equity's worst single-day percentage loss in roughly nine years. Pacing for its third weekly loss in four, Plug Power stock is 59% lower over the last 12 months. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI