By Dhirendra Tripathi
Investing.com – Plug Power (NASDAQ:PLUG) stock was down 3.5% premarket in Thursday’s trade, as selling continued in the wake of its announcement that it will have to restate its financial accounts.
Market players were spooked when the fuel-cell company said late on Tuesday it would restate its fiscal 2018 and 2019 statements, as well as quarterly filings for 2019 and 2020. That sent the shares tumbling 23% Wednesday.
Plug Power's assertion its accounting firm KPMG had not detected any misconduct seems to have had little impact.
The stock still has it friends, however. Canaccord Genuity reiterated its Buy rating on Thursday, analyst Jed Dorsheimer keeping a price target of $69, implying 75% upside potential from Wednesday’s $39.33 close.
The current consensus among 13 TipRanks analysts is for a ‘moderate buy’ on Plug Power, with an average price target of $58.54.
The analysts’ price targets range from a high of $78 to a low of $29.
The revised accounting will change how the company accounts for certain transactions and items, but is not expected to impact its cash position, business operations or economics of commercial arrangements, it said in a filing.
The company maintains it will achieve its previously stated gross billing targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.