It had been a great week for Plug Power (NASDAQ:PLUG) up until the last few hours of said week. It made some huge strides, and it won hefty gains in its share price. But with the last bits of Friday afternoon trading, Plug Power was down a bit, and even some more good news couldn’t help stop the flow of investment out of Plug Power.
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Plug Power kicked off Friday’s premarket trading up 7.1% at one point, but by the afternoon, it not only lost all those gains, but it started tracking lower as well. An upgrade at Northland Securities, via analyst Abhishek Sinha, noted that Plug Power was well on its way to producing regular cash flow, and that further positive momentum was in sight as Plug Power racked up new and exciting deals.
That was pretty good by itself, and built nicely on an earlier announcement that Plug Power managed to net its biggest order yet in Europe for 100 megawatts of proton exchange membrane electrolyzers. While the company that placed the order went unnamed, the sheer size of the order was impressive enough to give Plug Power extra room to run yesterday. Plug Power already plans to start construction on the system at its gigafactory in Rochester, New York. In light of all that, the simplest explanation behind Plug Power’s losses today might simply be profit-taking.
Analysts, meanwhile, see quite a bit more room for gain ahead. With 12 Buy ratings and six Hold, Plug Power is considered a Moderate Buy. Further, Plug Power stock offers investors a 45.29% potential upside thanks to its average price target of $17.58.
