Plug Power (NASDAQ:PLUG) Stock Price Down 1.5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) was down 1.5% during mid-day trading on Friday . The company traded as low as $2.55 and last traded at $2.63. Approximately 14,762,849 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 81,930,695 shares. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

PLUG has been the subject of several recent analyst reports. Canaccord Genuity Group decreased their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Jefferies Financial Group reduced their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Finally, Piper Sandler decreased their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, eleven have assigned 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.com, Plug Power has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Trading Down 1.9 %

The company has a 50-day simple moving average of $2.28 and a 200-day simple moving average of $2.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a market cap of $2.39 billion, a P/E ratio of -1.22 and a beta of 1.79.

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

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares during the period. Vontobel Holding Ltd. lifted its position in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Plug Power by 69.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after purchasing an additional 1,036,777 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Plug Power in the 3rd quarter valued at about $2,174,000. Institutional investors and hedge funds 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.