Plug Power Inc. (NASDAQ:PLUG – Get Free Report)’s stock price fell 0.5% on Friday . The stock traded as low as $1.95 and last traded at $2.03. 19,146,045 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 40,357,008 shares. The stock had previously closed at $2.04.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on PLUG. Jefferies Financial Group reduced their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Craig Hallum cut their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Royal Bank of Canada lowered their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Canaccord Genuity Group lowered their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, Wells Fargo & Company lowered their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $5.01.
Check Out Our Latest Report on PLUG
Plug Power Stock Performance
Plug Power (NASDAQ:PLUG – Get Free Report) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The firm had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. During the same quarter in the prior year, the company posted ($0.35) earnings per share. The business’s revenue for the quarter was down 44.9% on a year-over-year basis. Research analysts expect that Plug Power Inc. will post -1.16 earnings per share for the current year.
Institutional Trading of Plug Power
Several institutional investors and hedge funds have recently bought and sold shares of PLUG. SteelPeak Wealth LLC bought a new stake in Plug Power during the second quarter worth about $26,000. Nations Financial Group Inc. IA ADV bought a new position in Plug Power during the 2nd quarter valued at approximately $26,000. Aire Advisors LLC purchased a new position in Plug Power during the second quarter valued at $28,000. Madison Park Capital Advisors LLC bought a new stake in Plug Power in the second quarter worth $29,000. Finally, Profund Advisors LLC purchased a new stake in shares of Plug Power in the second quarter worth $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.
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.
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