Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower by over 5% in the premarket session on Wednesday after ending yesterday’s run on the bourses with a massive 31% jump at $3.72.
Over the past year, the company’s share price has lost 77.78%, compared with the S&P 500’s gain of 21.10%, per data from Benzinga Pro.
On Tuesday, Plug said it had started operations of the largest liquid green hydrogen plant in the U.S. market.
The Georgia-based plant is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen.
Plug said it completed the plant in just 18 months, which is well ahead of the three-year industry standard.
“We have achieved a historic milestone for Plug and the entire hydrogen ecosystem,” said Andy Marsh, CEO of Plug Power.
Despite the positive development, Truist Securities analyst Jordan Levy reiterated the Hold rating on Plug Power, lowering the forecast to $3 from $6.
The analyst reduced FY25E revenues to $1.8 billion from $2.3 billion prior & Street $2.5 billion on long-term visibility concerns.
The company’s last reported quarter was negatively impacted by “unprecedented supply challenges in the hydrogen network” in North America.
As of the end of September 30, 2023, Plug’s long-term debt stood at $1.405 million. The company said it is evaluating varied debt financing solutions to support growth.
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Price Action: PLUG shares are trading lower by 2.96% to $3.61 in the premarket on the last check Wednesday.
