What's Going On With Plug Power Stock?

Plug Power, Inc. PLUG shares are trading lower Thursday, and multiple analysts have updated their coverage of Plug Power stock. Here's a look at what's going on.

The Details:

UBS analyst Manav Gupta downgraded Plug Power stock from Buy to Neutral and announced a $4.75 price target, and Seaport Global analyst Tom Curran downgraded Plug Power from Buy to Neutral on Tuesday. 

Redburn Atlantic analyst Skye Landon initiated coverage on Plug Power with a Neutral rating and announced a price target of $4.50 as well. 

Plug announced it has re-started operation of its hydrogen plant in Charleston, Tennessee, and implemented design improvements to increase plant efficiency. Plug Power said the re-opening of the plant adds approximately ten tons per day of liquid hydrogen supply back onto the U.S. market. 

According to data from Benzinga Pro, Plug Power shares are trading above the stock’s 50-day moving average of $4.04, and 26.36% of available shares are being sold short. 

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PLUG Price Action: According to Benzinga Pro, Plug Power stock is down 4.69% at $4.28 at the time of publication.

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