Why Plug Power Shares Are Sliding Premarket Today

Shares of hydrogen and fuel-cell energy company Plug Power, Inc. PLUG fell in premarket trading on Monday.

Morgan Stanley analyst Andrew Percoco downgraded Plug Power from Overweight to Equal-Weight and reduced the price target from $35 to $15. The reduced price target still suggests roughly 28% upside from current levels.

In premarket trading on Monday, Plug Power shares fell 2.65% to $11.41, according to Benzinga Pro data.

Incidentally, Plug Power is among the stocks that have not capitalized on the broader market rally this year. The stock is still down 5.26% year-to-date. The weakness partly reflected its worsening fundamentals, with fourth-quarter revenue trailing expectations.

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