Plug Power (NASDAQ:PLUG) Trading Down 4.8% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares were down 4.8% during trading on Wednesday . The company traded as low as $2.38 and last traded at $2.39. Approximately 14,318,773 shares were traded during trading, a decline of 67% from the average daily volume of 43,373,215 shares. The stock had previously closed at $2.51.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PLUG. Wells Fargo & Company cut their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Evercore ISI dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Canaccord Genuity Group cut their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Finally, Craig Hallum lowered their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.52.

Plug Power Trading Down 1.2 %

The company has a market capitalization of $2.26 billion, a PE ratio of -1.12 and a beta of 1.76. The company has a 50 day simple moving average of $2.13 and a 200 day simple moving average of $2.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same quarter in the previous year, the company posted ($0.47) EPS. The firm’s revenue was down 12.6% on a year-over-year basis. Analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently made changes to their positions in the stock. SteelPeak Wealth LLC acquired a new position in Plug Power during the second quarter worth $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power in the 2nd quarter valued at $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power in the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC acquired a new position in Plug Power during the 2nd quarter worth about $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power during the 2nd quarter valued at about $29,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.