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Plug Power Inc PLUG is trading lower Wednesday morning after Canaccord Genuity downgraded&nbsp;the stock.

What Happened: Plug Power announced its first-quarter financial results on Tuesday. The company reported a quarterly earnings loss of 12 cents per share, which missed the estimate for a loss of 8 cents per share. Plug Power reported quarterly revenue of $72 million, which missed the estimate of&nbsp;$76.87 million.&nbsp;

Related Link:&nbsp;<a href="https://www.benzinga.com/news/earnings/21/06/21661559/plug-power-q1-earnings-insights">Plug Power: Q1 Earnings Insights</a>

Analyst Assessment:&nbsp;Canaccord Genuity analyst Jed Dorsheimer downgraded&nbsp;Plug Power&nbsp;from Buy to Hold and lowered&nbsp;the price target from&nbsp;$69&nbsp;to&nbsp;$31.

Price Action: Plug Power has traded as high as $75.49 and as low as $5.39 over a 52-week period.&nbsp;

At last check Wednesday, the stock was down 2.28% in premarket trading at $33.24.

Photo courtesy of Plug Power.

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Plug Power Inc (NASDAQ: PLUG) is trading lower Wednesday morning after Canaccord Genuity downgraded&nbsp;the stock.

Why Plug Power's Stock Is Trading Lower Today - Plug Power (NASDAQ:PLUG)

Adam Eckert

Plug Power

Plug Power Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plug#NASDAQ">PLUG</a>) is trading lower Wednesday morning after Canaccord Genuity downgraded&nbsp;the stock.

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