Plug Power (PLUG) shares tumbled 6.90% in pre-market trading on Monday, as investors reacted to a significant price target cut by Susquehanna. The firm lowered its target for Plug Power from $3.5 to $2.5, signaling reduced confidence in the company's near-term prospects and triggering a sell-off among shareholders.

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 has recently announced some 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 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.