Provider of hydrogen fuel cell systems Plug Power (NASDAQ:PLUG) gained in pre-market trading after it unveiled a robust strategy aimed at reducing its annual costs by over $75 million.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
The company expects to incur a one-time implementation expense of $15 million. PLUG also expects to cut an unspecified number of jobs. The initiative includes consolidating its operations, optimizing supply chains, and cutting discretionary spending to boost efficiency and scalability.
Is PLUG a Good Stock to Buy?
Analysts remain sidelined about PLUG stock with a Hold consensus rating based on five Buys, 14 Holds, and three Sells. Over the past year, PLUG stock has plunged by more than 70%, and the average PLUG price target of $5.34 implies an upside potential of 28.1% at current levels.
