Citron Says Plug Power (PLUG) Fair Value is 50 Cents

(Updated - March 11, 2014 11:43 AM EDT)

Shares of Plug Power (NASDAQ: PLUG) weakened slightly mid-day after Citron Research said the fair value of the stock is 50 cents, which is a blended average of all of their recent capital raises.

Citron notes on Thursday management will issue earnings and guidance and warns investors "You cannot trust management guidance... not even a little bit," showing a history of broken promises and failure to deliver.

Citron notes management didn't participate in any capital raises, even one at 15 cents.

Explaining Plug Power in a nutshell, Citron said: No profits, No unique technology, No scalability, No demand, No brand equity, No media hype, No analyst support.

The full report can be seen at Citron Research's website.

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