Plug Power ( (PLUG) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Plug Power’s stock has experienced a significant surge, climbing 55% over eight sessions. This unusual movement is primarily attributed to technical factors rather than any fundamental changes in the company. A recent interest rate cut by the Federal Reserve has also played a role, as it offers cheaper borrowing costs, which is advantageous for a company like Plug Power that is known for burning cash. Furthermore, the high short interest in the stock may have triggered a short squeeze, further boosting its price. No changes in price targets have been mentioned.
More about Plug Power
YTD Price Performance: -9.87%
Average Trading Volume: 65,493,291
Technical Sentiment Signal: Sell
Current Market Cap: $2.31B
For further insights into PLUG stock on TipRanks’ Stock Analysis page.
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