Why Shares of Plug Power Skyrocketed 95% in June
After rising a nominal 0.6% in May, shares of Plug Power (NASDAQ: PLUG) were supercharged in June, racing 90.5% higher according to data from S&P Global Market Intelligence. Besides reacting to a bevy of bullish sentiment from Wall Street, investors responded to news of the company's closing of two acquisitions and an upwardly revised 2024 forecast.
Positive coverage of Plug Power's stock extended throughout June. Identifying a $7 price target, analysts from Barclays and B. Riley FBR both espoused bullish perspectives early in the month and assigned overweight and buy ratings, respectively, according to Thefly.com. More notable, however, was the significant upside that H.C. Wainwright analyst Amit Dayal asserted the stock had in lifting his price target from $6 to $14.
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Source Fool.com
