Shares of Plug Power Inc.
PLUG,
were tumbling Friday toward their worst day in more than nine years, in the wake of the hydrogen fuel-cell company’s disappointing quarterly results amid “unprecedented supply challenges.” The stock sank 32% in premarket trading, which would be the biggest one-day decline since it plummeted 41.5% on March 11, 2014. The stock was also on track to open at the lowest price seen during regular-session hours since May 2020. Evercore ISI analyst James West slashed his price target to $25 from $37, but the new target implies about a six-fold rally from where it’s trading in the premarket. West kept his rating at outperform, saying he believes that with the hydrogen economy is coming close to reality and Plug’s Tennessee plant returning to operation in the fourth quarter, 2024 should market the inflection. The stock has dropped 52.1% year to date through Thursday, while the S&P 500
SPX,
has gained 13.2%.
