Shares of Plug Power (PLUG) plunged 8.48% in pre-market trading on Monday, following a significant price target cut by Susquehanna. The investment firm lowered its target for the hydrogen fuel cell company from $3.5 to $2.5, signaling reduced confidence in Plug Power's near-term prospects and triggering a sell-off among investors.

The sharp downward revision in price target comes at a challenging time for Plug Power, which has been striving to establish itself as a leader in the hydrogen fuel cell sector. This bearish outlook from Susquehanna could potentially influence other investors and analysts, further pressuring the stock in the coming trading sessions.

Despite the negative sentiment, Plug Power announced some positive developments, including its selection by Carlton Power for a 55 MW GenEco electrolyzer deployment across three green hydrogen projects in the United Kingdom. Additionally, the company is set to benefit from UK government-backed production facilities, expected to be operational by 2027. However, these long-term positive factors appear to be overshadowed by the immediate impact of the reduced price target, highlighting the market's focus on short-term analyst opinions over longer-term business developments.