Why Plug Power Stock Skyrocketed Today
Key Points
Bullish momentum for the broader market helped lift Plug Power stock today.
Susquehanna raised its one-year price target on Plug Power stock.
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Plug Power (NASDAQ: PLUG) stock closed out Wednesday's trading with a big gain. The company's share price ended the daily session up 11.2% in the session and had been up as much as 15.4% earlier in the day. The S&P 500 gained 0.5%, and the Nasdaq Composite jumped 1.2%.
Plug Power benefited from the market's rebound rally today after yesterday's sell-off. The company's share price likely also got a boost from an analyst price-target increase.
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Plug Power climbs amid bullish backdrop
Speculative growth stocks took a hit yesterday as the market reacted to April's inflation data coming in hotter than expected, but investors returned to feeling bullish in today's session. The S&P 500 reached a new record level in today's trading, and the more tech-and-growth-heavy Nasdaq's jump today was even larger. With investors seemingly shrugging off macroeconomic risks, Plug Power stock was able to post big gains in the session.
An investment firm just raised its price target on Plug Power
Before the market opened this morning, Susquehanna published new coverage on Plug Power and reiterated a neutral rating on the stock. On the other hand, lead analyst on the stock Charles Minervino raised his one-year target on the stock from $2.75 per share to $3.75 per share.
While Plug Power's recent Q1 results weren't enough for the analyst to turn bullish on the stock, Minervino pointed to progress with Plug Power's cost-reduction initiatives as a reason for the price-target hike. With the business potentially reaching positive non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) in this year's fourth quarter, some investors are betting the business is ready to turn a corner.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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