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