What's Going On With Plug Power Stock?

Plug Power Inc PLUG shares are moving lower Wednesday. Multiple analysts cut price targets on the stock this week, adding to a string of recent price target adjustments.

Here's a look at analyst changes on Plug in October.

• Morgan Stanley analyst Andrew Percoco maintained Plug with an Equal-Weight and lowered the price target from $10 to $9.
• HC Wainwright & Co. analyst Amit Dayal maintained Plug with a Buy and lowered the price target from $78 to $27.
• Susquehanna analyst Biju Perincheril maintained Plug with a Positive and lowered the price target from $14 to $13.
• Citigroup analyst Vikram Bagri maintained Plug with a Buy and lowered the price target from $13 to $12.50.
• JP Morgan analyst Bill Peterson maintained Plug with an Overweight and lowered the price target from $14 to $12.
• Truist Securities analyst Jordan Levy maintained Plug with a Hold and lowered the price target from $9 to $8.

What Else Is Going On: Last week, Plug issued a long-term revenue outlook at its fifth annual Plug Symposium. 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.

Plug is expected to report third-quarter financial results in early November, although a date has not yet been confirmed. The company is expected to report a loss of 30 cents per share and revenue of $259.65 million, according to estimates from Benzinga Pro.

See Also: Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Secretly Monitor But Don't Talk About Yet

PLUG Price Action: Plug Power shares were down 1.17% at $7.63 at last check, per Benzinga Pro.

Photo: courtesy of Plug Power.