Why Plug Power's Stock Is Trading Lower Today

Plug Power Inc PLUG is trading lower Wednesday morning after Canaccord Genuity downgraded the stock.

What Happened: Plug Power announced its first-quarter financial results on Tuesday. The company reported a quarterly earnings loss of 12 cents per share, which missed the estimate for a loss of 8 cents per share. Plug Power reported quarterly revenue of $72 million, which missed the estimate of $76.87 million. 

Related Link: Plug Power: Q1 Earnings Insights

Analyst Assessment: Canaccord Genuity analyst Jed Dorsheimer downgraded Plug Power from Buy to Hold and lowered the price target from $69 to $31.

Price Action: Plug Power has traded as high as $75.49 and as low as $5.39 over a 52-week period. 

At last check Wednesday, the stock was down 2.28% in premarket trading at $33.24.

Photo courtesy of Plug Power.