Plug Power, a leading provider of comprehensive hydrogen solutions, witnessed a significant pre-market plunge of 5.29% on Monday. This decline was primarily driven by negative sentiment from analysts and a lowered price target.
Seaport Research downgraded Plug Power to a "Sell" rating, setting a price target of $1, well below the current trading levels. This bearish stance from analysts contributed to the sell-off in the stock during the pre-market session.
Additionally, analysts polled by FactSet have maintained an average rating of "Hold" for Plug Power, with a mean price target of $2.80. The lower-than-expected price targets from analysts have raised concerns among investors, leading to the stock's pre-market decline.
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