What's Going On With Plug Power Stock?

Plug Power, Inc PLUG shares are trading lower Wednesday. The stock appears to be pulling back after rising Tuesday on the back of positive analyst coverage.

What Happened On Tuesday:

PLUG closed up over 5% on Tuesday after analysts at HC Wainwright reiterated a Buy rating and maintained a price target of $78 on the stock.

Plug Power also announced plans to develop three green hydrogen production plants in Finland this week. The developments are expected to result in the production of 850 tons per day (TPD) of green hydrogen. 

"Already one of the largest players in the European hydrogen market, Plug is accelerating its commitment to Europe at an unprecedented scale with these three planned historic industrial sector projects collaborating with both financial and industrial partners," said Andy Marsh, CEO of Plug Power.

Plug Power is an American alternative energy company focused on the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity.

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PLUG Price Action: According to Benzinga Pro, PLUG was trading down over 6% at $8.26 at the time of publication.

Photo: courtesy of Plug Power.