Plug Power (NASDAQ:PLUG) stock is on the move Wednesday after the company’s shares got updated coverage from Roth/MKM.
The big news that has investors excited is the firm increasing its price target for PLUG stock from $4.50 per share to $9 per share. That’s a potential 140% upside for the shares. It’s also above the analyst consensus estimate of $7.81 per share.
That price target increase comes with an upgrade for PLUG stock. That has analyst Craig Irwin bumping the stock up from a “neutral” rating to a “buy” rating. For comparison, analyst consensus rating for the shares is a hold based on 23 opinions.
What’s Behind the Bull Stance on PLUG Stock?
Here’s what the Roth/MKM analyst had to say about Plug Power in a note to clients obtained by Seeking Alpha:
“Our visit to the Georgia green hydrogen plant gives us confidence the facility is ramping smoothly and all major technical issues are handled, addressing our prior concerns about backlog and margin visibility.”
PLUG stock is up 16.4% as of Wednesday morning with more than 33 million shares traded. The company’s daily average trading volume is about 44 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
