What's Going On With Plug Power Stock?

Plug Power Inc PLUG shares are trading higher Monday, bouncing back slightly after falling nearly 14% on Friday. Here’s a look at what you need to know.

What To Know: Plug Power shares closed Friday down 13.9% after the company announced a $200 million offering of common stock.

Plug Power said it will offer and sell 78,740,157 shares of its common stock at a public price of $2.54 per share. The company also granted its underwriters a 30-day option to purchase up to an additional 11,811,023 shares. The offering is expected to close on or about July 22.

Plug said it anticipates gross proceeds of approximately $200 million. The net proceeds from the offering are expected to be used for general corporate purposes.

On Monday, Piper Sandler analyst Kashy Harrison maintained Plug Power with an Underweight rating and lowered the price target from $2.50 to $2.40.

Despite the bearish analyst coverage, Plug Power shares are moving higher, likely rebounding from heavy losses on Friday. Plug shares also appear to be getting a boost from upward momentum across broader markets.

Check This Out: What’s Going On With Alibaba And Other Chinese Stocks On Monday?

Is PLUG A Good Stock To Buy?

Wall Street analysts view Plug Power on the whole as an Underperform, given the history of coverage over the past three months. Jeffrey Osborne from TD Cowen is the most bearish, expecting a 28.57% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past three months, Plug Power fell 5.45%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 42.81% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

PLUG Price Action: Plug Power shares were up 3.77% at $2.61 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Plug Power.