Plug Power (NASDAQ:PLUG) Stock Price Down 0.5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares dropped 0.5% during mid-day trading on Monday . The stock traded as low as $2.04 and last traded at $2.11. Approximately 7,850,762 shares changed hands during trading, a decline of 80% from the average daily volume of 39,165,227 shares. The stock had previously closed at $2.12.

Analyst Upgrades and Downgrades

PLUG has been the topic of several recent analyst reports. Jefferies Financial Group decreased their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Piper Sandler reduced their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Canaccord Genuity Group reduced their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, Royal Bank of Canada reduced their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.01.

Plug Power Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The company has a market cap of $1.54 billion, a PE ratio of -0.86 and a beta of 1.79. The company’s 50 day simple moving average is $2.03 and its two-hundred day simple moving average is $2.51.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS 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 business 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 business posted ($0.35) EPS. The company’s revenue for the quarter was down 44.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mosley Wealth Management purchased a new position in shares of Plug Power in the first quarter valued at approximately $35,000. J.W. Cole Advisors Inc. purchased a new position in Plug Power in the first quarter worth approximately $36,000. HighPoint Advisor Group LLC purchased a new position in Plug Power in the fourth quarter worth approximately $48,000. HBK Sorce Advisory LLC purchased a new position in Plug Power in the first quarter worth approximately $37,000. Finally, Nations Financial Group Inc. IA ADV purchased a new position in Plug Power in the second quarter worth approximately $26,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

About Plug Power

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.