Why Plug Power Shares Dropped Today
Plug Power (NASDAQ: PLUG) shares spiked over 10% this morning after the hydrogen and fuel cell system company reported third-quarter earnings last night. That brief pop didn't hold, though, as investors absorbed details from the report. As of 2:45 p.m. ET, Plug Power stock was down 1.2% on the day.
The stock's reversal followed a slew of price target cuts on Plug Power shares by analysts. Oppenheimer slashed its target price by more than half from $63 to $31 per share. New price estimates from Cowen, Susquehanna, and BTIG ranged from $25 to $30 per share, according to The Fly.
Those cuts came after plug reported third-quarter sales of $188.6 million. Though that represented a 31% jump year over year, it was far from Wall Street expectations of $238.1 million. The company recently warned that supply chain issues would cause a shortfall in near-term sales.
Source Fool.com
