Plug Power Inc PLUG shares are trading lower by 6.6% to $3.90 Friday morning. Traders and investors continue to assess last week's worse-than-expected third-quarter financial results.
The stock also fell during Thursday's session after Citigroup downgraded the stock from Buy to Neutral and lowered its price target from $12.5 to $5.
What Happened With Earnings Last Week?
Plug Power's stock dropped notably due to a "going concern" alert stemming from a substantial deficit, cash flow issues, and predicted losses totaling $3.8 billion. The company cited challenges in the hydrogen network for its disappointing third-quarter performance, falling short of expected revenue and posting a net loss of 47 cents per share.
With concerns about its financial standing, Plug Power raised doubts about staying operational for the next year due to insufficient funds, sparking worries about its future viability...Read More
See Also: 4 Analysts Slash Plug Power Stock Outlooks
According to data from Benzinga Pro, PLUG has a 52-week high of $18.88 and a 52-week low of $3.22.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
