Clear Street Downgrades Plug Power (PLUG) to a Hold From a Buy

Plug Power Inc. (NASDAQ:PLUG) is one of the best penny stocks to buy according to hedge funds. On October 7, Plug Power Inc. (NASDAQ:PLUG) was downgraded to a Hold from a Buy by Clear Street with a price target of $3.50.

Plug Power (PLUG) Surges 8.5% as Fuel Cell Market Begins to Boom

The rating update came after Plug Power Inc. (NASDAQ:PLUG) announced the succession of new CEO Jose Luis Crespo, who would replace Andy Marsh in the role in March next year.

The analyst told investors that the current valuation shows insufficient remaining upside after the strong outperformance of the stock, up 170% in the past four weeks.

Plug Power Inc. (NASDAQ:PLUG) provides alternative energy technology focusing on the development, design, manufacturing, and commercialization of hydrogen and fuel cell systems that are primarily employed for the material handling and stationary power markets.

While we acknowledge the potential of PLUG to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PLUG and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.