Plug Power (PLUG 9.66%) 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.
NASDAQ: PLUG
Key Data Points
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.
