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.
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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.
