Shares of Plug Power Inc (PLUG) tumbled 6.90% in pre-market trading on Monday, following a significant price target cut by Susquehanna. The investment firm reduced its target price for the hydrogen fuel cell company from $3.5 to $2.5, sparking concerns among investors about the company's near-term prospects.

The downward revision in price target suggests that analysts at Susquehanna may have a less optimistic outlook on Plug Power's financial performance or growth potential in the coming months. This adjustment could be influencing investors to reassess their positions, leading to the sharp pre-market decline.

Despite the negative sentiment surrounding the stock price, Plug Power also announced some potentially positive developments. The company has been selected by Carlton Power for a 55 MW Geneco electrolyzer deployment across three green hydrogen projects in the United Kingdom. Additionally, Plug Power revealed plans for UK government-backed production facilities, expected to be operational by 2027. While these announcements highlight the company's ongoing expansion and long-term growth prospects, they appear insufficient to counteract the immediate impact of the reduced price target on investor sentiment.