Shares of Plug Power, Inc. (PLUG) are experiencing a surge in trading on Wednesday, as the stock shows signs of recovery after a significant drop. The decline in shares came after disappointing earnings and a warning from the company about its financial stability.
On Tuesday, Plug Power shares saw a 15% increase, following a disastrous third-quarter earnings report. The company also expressed doubts about its ability to sustain operations.
UBS analyst Manav Gupta recently joined other analysts in lowering the price target for PLUG shares. Despite maintaining a Buy rating, Gupta reduced the price target from $15.5 to $5.
Plug Power has caught the attention of short-sellers, with 24.08% of available PLUG shares being sold short. This information comes from data provided by Benzinga Pro. In today's trading session, nearly 40 million shares have been traded, which is significantly higher than PLUG's average volume of just over 25 million shares.
In related news, investors may be interested in the latest developments regarding Celsius Holdings stock.
As of the time of publication, Plug Power shares are up by 3.5% at $4.38, according to Benzinga Pro.