Shares of hydrogen and fuel-cell energy company Plug Power, Inc. (NASDAQ:PLUG) moved sharply lower in premarket trading on Tuesday.
The negative sentiment could be traced back to a downgrade of the company’s shares by Piper Sandler analyst Kashy Harrison.
The analyst downgraded the stock from Neutral to Underweight, StreetInsider reported. The analyst also reduced the price target from $6.50 to $2.30, suggesting roughly 48% downside from current levels.
Wall Street’s sentiment toward the stock has soured ever since the company reported a double miss for the third quarter and flashed a “going concern” warning in early November.
Earlier this month, Morgan Stanley downgraded the stock to an Underweight and cut the price target from $3.50 to $3.
In premarket trading, the stock fell 4.25% to $4.06, according to Benzinga Pro data.
See Also: Best Renewable Energy Stocks
