Plug Power Inc (NASDAQ: PLUG) is having an incredibly strong start to the trading session in the pre-market hours this morning, and for good reason. A key analyst has decided to initiate coverage on the stock with positive views. Ultimately, this is leading to excitement among investors. Today, we’ll talk about the coverage initiation, how the stock reacted to the news, and what we’ll be watching for with regard to PLUG ahead.
PLUG Gets Key Analyst Coverage
As mentioned above, Plug Power is having an incredibly strong start to the trading session this morning after it was announced that Canaccord Genuity has initiated coverage on the stock. The firm sees the proprietary technology at PLUG to be overwhelmingly valuable and a key reason that the company is expected to grow.
When covering the stock, Canaccord Genuity started it off with a Buy rating. The price target on the stock was set at $5.00. If the analysts is right, PLUG might just run by more than 100% to that mark.
How The Stock Reacted To The News
As investors, one of the first things that we learn is that the news moves the market. That’s exactly what we’re seeing today. With the positive analyst coverage for Plug Power, the stock is making a run for the top on investor excitement. At the moment (8:53), PLUG is trading at $2.53 per share after a gain of $0.16 per share (6.75%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PLUG. In particular, we’re interested in following the ongoing innovation in technology and excited to see further movements out of the company in the future. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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