Here are some of the top movers during premarket trading on Wednesday:
1. Virgin Galactic | Down 5.1%
Virgin Galactic (SPCE) - Get Free Report fell after Bank of America analyst Ronald Epstein double-downgraded the aerospace company to underperform from buy with an unchanged $41 price target. After the 39% jump in the stock price on news that the FAA had cleared the company to carry passengers into space, Epstein said, the premium was priced into the stock and would dwindle as more commercial space companies go public.
2. Bed Bath & Beyond | Up 0.4%
Shares of Bed Bath & Beyond (BBBY) - Get Free Report wavered after the home-goods retailer posted softer-than-expected first-quarter earnings and raised its full-year profit guidance. The company swung to adjusted earnings of 5 cents a share from a year-earlier loss of $1.96. The latest figure was short of Wall Street's call of 8 cents a share.
3. Plug Power | Up 2.2%
Plug Power (PLUG) - Get Free Report rose after RBC analyst Joseph Spak initiated coverage of the hydrogen fuel-cell technology company with an outperform rating and a one-year price target of $42. Spak wrote that "Plug Power’s valuation is rich, but its long runway for growth justifies the premium."
4. Powerbridge Technologies | Up 12%
5. Exela Techologies | Up 18%
Exela Technologies (XELA) - Get Free Report continued its rise as the company was one of several being pushed on Reddit as meme stocks. The companies were being mentioned on sub-Reddit r/RobinHoodPennyStocks as well as on StockTwits.