What's Going On With Plug Power Stock Thursday?

Plug Power Inc PLUG shares are trading lower Thursday. The stock appears to be cooling off after surging Wednesday on new long-term guidance out of the company's annual green hydrogen conference.

What Happened: Plug provided a long-term revenue outlook at its fifth annual Plug Symposium on Wednesday. Alongside revenue guidance of $1.2 billion this year, the company said it expects $6 billion in revenue in 2027 and $20 billion in revenue by 2030. Gross margins are expected to be approximately 32% in 2027 and 35% in 2030.

Following the event, Susquehanna analyst Biju Perincheril maintained Plug with a Positive rating and lowered the price target from $14 to $13. The incremental price target cut could be adding to Thursday's weakness. 

In other news, the Biden administration is expected to award $7 billion in federal grants to multiple recipients on Friday as part of a longer-term goal to produce 50 million metric tons of clean hydrogen fuel by 2050, per Reuters. 

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PLUG Price Action: Plug shares were down 2.51% at $7.35 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Plug Power.