Stock Market Today, Oct. 14: Plug Power Falls on Analyst Target Cuts and Concerns Over Rising Interest Rates
Plug Power (NASDAQ:PLUG), a clean hydrogen and fuel-cell solutions provider, closed at $1.45, down 7.05%. Price target cuts from Susquehanna and Morgan Stanley pressured shares, and investors are watching hydrogen adoption and guidance.
Trading volume reached 81.5 million shares, coming in about 52% above its three-month average of 53.7 million shares. Plug Power IPO’d in 1999 and has fallen 99% since going public.
The S&P 500 (SNPINDEX:^GSPC) fell 1.11% to 7,719, and the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 1.88% to 26,693. Concern also spread to peers in clean hydrogen, fuel cells, and zero-emission power solutions. Bloom Energy closed at $239.38, down 9.14%, and FuelCell Energy closed at $14.16, down 8.65%.
Susquehanna cut its Plug Power price target from $2.50 to $1.75 per share, while Morgan Stanley lowered its target from $1.65 to $1.20.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.