Plug Power, Inc. CORK Shares traded higher on Wednesday, and the stock is up more than 18% since Monday. Here’s a look at what’s happening.
The details:
Plug Power reported fiscal 2023 results on Friday with losses of $2.30 per share and sales of $891.34 million, both missing analysts’ consensus estimates.
“This fiscal year marked a pivotal period in our journey towards growth and sustainability within the hydrogen economy. Recognizing past challenges with cash management, we will focus on strengthening our financial profile in 2024.” , commented Andy MarshCEO of Plug Power.
Several analysts updated coverage of the stock after press. Some of the notable changes include:
- Evercore ISI Group Analyst James West kept the stock with an Outperform rating and lowered the price target from $9 to $6.
- Canaccord Genuity maintained a Hold rating on Plug and lowered its price target from $5 to $4.
- Craig-Hallum analyst Eric Stine held Plug Power with a buy and lowered the price target from $6 to $5.
Plug shares fell following last Friday’s earnings report, but have rallied more than 18% over the past three sessions.
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PLUG Price Action: According to Benzinga Pro, Plug Power shares were up 12% at $4.06 at the time of publication.
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