Plug Power, Inc. (NASDAQ:PLUG) shares are trading higher Thursday on continued upward momentum. The stock has gained more than 18% over the past five days.
What To Know:
The Federal Reserve held interest rates steady and signaled three possible rate cuts in 2024 sending stocks roaring higher Wednesday. The markets carried the momentum into Thursday as investors digest retail sales data and job numbers released before the market open.
Plug Power shares are climbing on heavy trading volume Thursday. According to data from Benzinga Pro, more than 18 million shares have already been traded in the session, compared to the stock’s 100-day average volume of 31.937 million shares.
Last week, Morgan Stanley analyst Arthur Sitbon downgraded Plug Power from Equal-Weight to Underweight and lowered the price target from $3.50 to $3.
Plug Power shares have the attention of both retail traders and short-sellers with 25.86% of available shares being sold short.
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PLUG Price Action: According to Benzinga Pro, Plug Power shares are up by 14.5% at $4.94 at the time of publication.
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