Plug Power Inc PLUG shares are trading lower by 3.29% to $7.93 Thursday morning. The stock is falling after BMO Capital analyst Ameet Thakkar maintained Plug Power with a Market Perform and lowered the price target from $10.25 to $8.
Shares are also falling after Plug Power on Wednesday hosted an analyst day. The company spotlighted achievements of its 15 ton per day (TPD) liquid green hydrogen plant in Camden County, Georgia.
Plug Power says the plant's rapid construction timeline, 40MW Plug PEM electrolyzers and grid connectivity contribute to steady power supply, are paving the way for design optimization and cost savings in upcoming projects.
Per the company, increased hydrogen production is set to elevate Plug's fuel margin from second-quarter to fourth-quarter 2023, bolstering its position in the green hydrogen landscape.
See Also: Plug Power Q2 Earnings: Revenue Jumps 72%, EPS Misses Estimates
According to data from Benzinga Pro, PLUG has a 52-week high of $31.56 and a 52-week low of $7.39.
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