What's Going On With Plug Power Stock?

Plug Power, Inc. PLUG shares are trading higher Wednesday, and the stock is up more than 18% since Monday. Here's a look at what's going on.

The Details:

Plug Power reported its fiscal year 2023 results last Friday with losses of $2.30 per share and sales of $891.34 million, both missing the analyst consensus estimates.

"This fiscal year has marked a pivotal period in our journey towards growth and sustainability within the hydrogen economy. Recognizing the past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile," commented Andy Marsh, CEO of Plug Power.

Several analysts updated coverage on the stock following the print. Some of the notable changes include:

Evercore ISI Group analyst James West maintained the stock with an Outperform rating and lowered the price target from $9 to $6.
Canaccord Genuity maintained its Hold rating on Plug and lowered its price target from $5 to $4.
Craig-Hallum analyst Eric Stine maintained Plug Power with a Buy and lowered the price target from $6 to $5.

Plug shares fell following the earnings report last Friday, but have staged a recovery of more than 18% over the past three sessions.

PLUG Price Action: According to Benzinga Pro, Plug Power shares are up 12% at $4.06 at the time of publication.

Image: Clkr-Free-Vector-Images from Pixabay

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