In price action analysis, this pattern is usually a bearish sign. Plug Power shares have also formed a descending triangle pattern. The stock remains below the 50-day and 100-day exponential moving averages (EMA). It is trading at $11.60, which was also the lowest level on December 28. Is it safe to buy Plug Power shares? The daily chart shows that the Plug Power share price has been in a freefall in the past few months. In a statement, the management attributed the underperformance to obstacles when introducing new products, hydrogen plant construction delays, and macro conditions. Its revenue came in at $220 million, which missed analysts’ forecasts by $48 million. Most of these downgrades came after the company published weak financial results. The most bearish analysts are from Wells Fargo, who expect the stock to move to $13. Other bearish analysts are from Piper Sandler, RBC, and BMO Capital Markets. For example, Citigroup downgraded the stock from $21 to $20 while JP Morgan slashed their ratings from $24 to $23. Other analysts have been bearish on the Plug Power stock price. They then slashed their rating from $35 to $15. The most recent downgrade came from Morgan Stanley, which downgraded the shares from overweight to equal weight. However, recently, analysts have continued slashing their outlook about the stock. Low rates also pushed more people to invest in companies with a renewable energy angle. Plug Power stock price surged during the Covid-19 pandemic as low-interest rates pushed investors to invest in unprofitable companies. It is also used in industries like stationary power like data centers, railroad, and telecom. Its technology is mostly used in the mobility industry, where it hopes to be a market leader when the world transitions to hydrogen vehicles. Plug Power is an American firm that seeks to change the clean energy industry by providing hydrogen fuel cells. This price is about the lowest level in 2020 and is ~75% below the highest point in 2022. The shares plunged to $11 on Monday after another downgrade by analysts at Morgan Stanley. Plug Power ( NASDAQ: PLUG) stock price has been in a freefall in the past few months as analysts continued downgrading the company.
0 Comments
Leave a Reply. |