Market Overview

Sellers In Plug Power Hit The Panic Button As Citron's Left Makes Comments On CNBC

Share:
Related PLUG
Plug Power Acquires Full Control of 'HyPulsion' Hydrogen and Fuel Cell Business in Europe for $11.47M
Plug Power to Announce Q2 2015 Results on August 6, 2015
Plug Power: Transitioning Focus From R&D To Commercial Shipments (Seeking Alpha)
Related BLDP
Wednesday's Mid-Day Movers: Chubb, Rock Creed, RADA Win; Peabody Energy, Ballard Fall
Mid-Day Market Update: Chubb Surges Following Announcement of Acquisition by Ace; Ballard Power Shares Decline
Ballard Power Systems beats by $0.01, beats on revenue (Seeking Alpha)

Downside in shares of Plug Power (NASDAQ: PLUG) has intensified sharply following the appearance of Citron's Andrew Left on CNBC. The stock has plunged more than 19 percent over the last 45 minutes, bringing Tuesday's total decline to a jaw-dropping 40 percent.

In the TV appearance, Left discussed some of the items described in Citron's note which hit wires around 11:30AM EDT.

In addition to saying "you can not trust management," Left echoed the sentiment set out in the Citron note "Plugging Into Some Reality: Fair Value of Plug Power is 50 Cents." When CNBC's Brian Sullivan asked Left how he arrived at $0.50 as a fair value for Plug shares, Left suggested he took the average price of Plug's recent offerings.

The other stocks in the fuel cell group responded to Left's appearance: FuelCell Energy (NASDAQ: FCEL) shares (which opened Tuesday's session up nearly 19 percent) are now down 17 percent and shares of Ballard Power (NASDAQ: BLDP) are down 25 percent.

A reaction also seemed apparent in some of the other alternative energy names. Shares of First Solar (NASDAQ: FSLR) are now down more than 2.5 percent, Trina Solar (NYSE: TSL) shares are down about 5 percent, and shares of Yingli Green Energy (NYSE: YGE) are down about 7 percent.

Latest Ratings for PLUG

DateFirmActionFromTo
Jul 2015Craig-HallumInitiates Coverage onBuy
Apr 2015Dougherty & CompanyInitiates Coverage onBuy
Apr 2015Morgan StanleyInitiates Coverage onEqual-weight

View More Analyst Ratings for PLUG
View the Latest Analyst Ratings

Posted-In: Analyst Color CNBC News Analyst Ratings Movers Media

 

Related Articles (BLDP + FCEL)

Get Benzinga's Newsletters