Plug Power (NASDAQ:PLUG) Shares Down 1%

Plug Power Inc. (NASDAQ:PLUG)’s stock price fell 1% during mid-day trading on Thursday . The company traded as low as $1.89 and last traded at $1.92. 7,679,104 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 38,932,598 shares. The stock had previously closed at $1.94.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PLUG. Royal Bank of Canada cut their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Susquehanna lowered their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Wells Fargo & Company lowered their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Piper Sandler lowered their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Finally, Truist Financial lowered their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average target price of $5.19.

Plug Power Price Performance

The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.72 billion, a PE ratio of -0.82 and a beta of 1.79. The stock has a fifty day simple moving average of $2.26 and a 200-day simple moving average of $2.75.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. During the same period in the previous year, the firm posted ($0.35) earnings per share. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. Equities analysts anticipate that Plug Power Inc. will post -1.15 earnings per share for the current year.

Institutional Trading of Plug Power

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SteelPeak Wealth LLC acquired a new position in Plug Power during the 2nd quarter worth approximately $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in Plug Power during the 2nd quarter valued at $26,000. Aire Advisors LLC acquired a new stake in Plug Power during the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC acquired a new stake in Plug Power during the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC acquired a new stake in Plug Power during the 2nd quarter valued at $29,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.