Plug Power, Inc. PLUG shares are trading higher Wednesday on continued upward momentum. The stock appears to be recovering from a 40% drop following disappointing earnings and the company's "going concern" warning.
What To Know:
Plug Power shares gained 15% on Tuesday following a diastrous third-quarter earnings report last week, accompanied by comments from the company doubting its ability to continue operations.
The latest analyst to lower the price target on shares of PLUG is UBS analyst Manav Gupta who maintained Plug Power with a Buy rating and lowered the price target from $15.5 to $5 on Tuesday.
Plug Power has attracted the attention of short-sellers with 24.08% of available PLUG shares being sold short, according to data from Benzinga Pro. Nearly 40 million shares have been traded in Wednesday's session, compared to PLUG's average volume of just over 25 million shares.
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PLUG Price Action: According to Benzinga Pro, Plug Power shares are up by 3.5% at $4.38 at the time of publication.
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