Plug Power Stock Dims After Downgrade

Jefferies yesterday cut its price target on the green energy stock

Jake Scott

Deputy Editor

Dec 19, 2023 at 9:20 AM

PLUG

Shares of Plug Power Inc (NASDAQ:PLUG) are 3.8% lower before the open, after Piper Sandler downgraded the alternative energy stock to "underweight" from "neutral." The analyst also lowered its price target to $2.30 from $6.50, citing concerns surrounding the company's liquidity.

Jefferies is also backing off of PLUG, yesterday lowering its price target to $5 from $6. These adjustments lower look to have been long overdue. In fact, more could be on the way considering Plug Power stock's 12-month average target price of $8.79 is a 106.8% premium to last night's close.

The security is set to open at around $4.30, pulling back towards its early November three-year low of $3.22. On the charts, the equity remains above the formerly resistant 30-day moving average, but is on track for a third-straight loss. Year over year, Plug Power stock is down 68.4%.

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