What's Going On With Plug Power Stock Thursday?

Plug Power, Inc. PLUG shares are trading lower on Thursday. Citigroup initiated coverage on the company with a Buy rating.

What To Know:

Citigroup analyst Vikram Bagri has initiated coverage on Plug Power with a Buy rating and announced a price target of $13 which implies a possible return of nearly 22%. Electric vehicle makers have recently reported strong delivery numbers which could be a positive catalyst for clean energy names including Plug Power.

Shares of PLUG are currently trading 7% lower in spite of the positive coverage from Citigroup. The broader market is selling off Thursday on the heels of the ADP National Employment Report, which showed that the labor market remains tight and raised the chances for a 0.25% interest rate hike in July.

Plug Power stock has considerable short interest with 19.39% of available shares being sold short, according to data from Benzinga Pro.

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PLUG Price Action: According to Benzinga Pro, Plug Power shares are trading 7% lower at $9.90 at the time of publication.

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