This is getting ridiculous.
After surging as much as 17% yesterday, fuel cell machine distributor Plug Power shares closed down 16% to $6.71.
The catalyst appears to have been two downgrades, one from Cowen, which recently executed a registered offering for the firm; and one from Roth.
Plug Power $PLUG receives double downgrade this morning $PLUG Downgraded - Market Perform - Cowen $PLUG Downgraded - Neutral - Roth Capital
— Stocks to Buy (@stockstobuy) March 14, 2014According to Seeking Alpha, Roth sees unspecificed near-term risks, and that 2014 bookings momentum is slowing. Cowen, meanwhile, says the shares are fully valued.
Cowen also notes fuel cell and hydrogen-related companies (BLDP, FCEL, HYGS, and PLUG) are trading in a range of 2.9-8.2x EV (earnings value)/2015 estimated sales. "PLUG is at the high end, consistent with 2015E sales growth of 100% (vs. 19-39% for peers)," analyst Rob Stone writes.
Ballard, which supplies the cells for Plug's machines, was down as much as 8%, while fellow fuel cell traveler FuelCell Energy was off as much as 11%.
Here's the (totally wacky) chart for the week. According to Bloomberg, 20% of Plug's float is short interest.
Image may be NSFW.
Clik here to view.
SEE ALSO: Why Some On Wall Street Believe In Fuel Cell Stocks
