Here's Why Plug Power Shares Are Falling

Plug Power Inc PLUG shares are trading lower by 3.32% to $8.73 during Monday's session after JP Morgan analyst Bill Peterson maintained the stock with an Overweight rating and lowered its price target from $23 to $20.

What Else?

Plug Power builds an end-to-end green hydrogen ecosystem, including in the case of EVs—from production, storage and delivery to energy generation. The broader clean energy manufacturing sector has pulled back in 2022 and 2023 amid rising interest rates and concerns about a U.S. economic slowdown.

Plug Power in April also saw an analyst rating downgrade. The company faces a series of near-term headwinds, Sophie Karp of KeyBanc said, giving rationale for the downgrade despite the stock showing some attractive valuation from its pullback this year.

The analyst said the recent bank collapses have created a risk-off atmosphere for project financing at a time Plug Power is in a capital-intensive part of its growth cycle...Read More

According to data from Benzinga Pro, PLUG has a 52-week high of $31.56 and a 52-week low of $8.88.