Why Plug Power's Stock Is Trading Lower Today

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.

Posted In: Jed Dorsheimerwhy it's movingDowngradesPrice TargetAnalyst RatingsMoversTrading Ideas