Plug Power Inc. (NASDAQ:PLUG) shares are trending higher Wednesday. The move follows a wave of positive analyst adjustments after Tuesday’s robust first-quarter earnings report.
The Nasdaq is up 0.90% while the S&P 500 has gained 0.49%.
Analysts Raise Price Forecasts
Wall Street sentiment improved after Plug Power delivered a narrower-than-expected quarterly loss and stronger revenue growth.
Susquehanna analyst Biju Perincheril maintains a neutral rating but raised the price forecast from $2.75 to $3.75.
Meanwhile, George Gianarikas of Canaccord Genuity maintains a hold on the stock. He notably increased his price forecast from $2.5 to $4.
Plug Power Revenue Beats Growth Estimates
The hydrogen fuel cell company reported revenue of $163.5 million. This represents a 22% year-over-year increase. The figure easily cleared the $141.2 million estimate provided by Benzinga Pro.
The company reported a quarterly loss of 8 cents per share, narrower than analysts’ expectations of a 9-cent loss.
Management highlighted continued demand from key …
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