Plug Power stock (PLUG) slides after TD Cowen downgrade as dilution vote nears
Plug Power shares fell 5.6% to $2.19 Friday after TD Cowen downgraded the stock and cut its price target to $2. Investors are watching Plug’s funding plans ahead of a Jan. 29 shareholder vote on expanding stock issuance. Trading volume topped 114 million shares. Plug’s recent SEC filing disclosed a new license deal with Walmart and the cancellation of a warrant that could have diluted 42.2 million shares.