Industrial Stock Finds Success Despite Analyst Downgrade

Despite being downgraded from a buy rating to neutral, a particular New York-based industrial company is finding success on Tuesday, which is likely due to the company announcing that is has re-started operation of its hydrogen plant in Charleston, Tennessee, adding about ten tons per day (TPD) of liquid hydrogen supply back onto the U.S. market. According to the release, the company “also implemented design improvements to enhance overall plant efficiency.”

Traders appeared to have shrugged off the analyst downgrade as shares of Plug Power Inc. (Nasdaq:PLUG) climbed up to $4.54/share (+4.49%) at the session high. 

Plug Power is building an end-to-end green hydrogen ecosystem – from production, storage and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets-including material handling, e-mobility, power generation, and industrial applications.

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