Plug Power (NASDAQ:PLUG) Stock Price Down 5.4% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares fell 5.4% during trading on Wednesday . The company traded as low as $1.86 and last traded at $1.86. 24,794,399 shares changed hands during trading, a decline of 68% from the average session volume of 77,918,836 shares. The stock had previously closed at $1.96.

Analyst Ratings Changes

A number of brokerages recently commented on PLUG. Evercore ISI lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. StockNews.com raised shares of Plug Power to a “sell” rating in a research report on Wednesday, January 22nd. Susquehanna boosted their target price on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday. Finally, BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.46.

Plug Power Trading Down 3.1 %

The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -0.87 and a beta of 1.79. 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 company’s 50 day moving average is $2.36 and its 200 day moving average is $2.22.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (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 prior year, the company posted ($0.47) EPS. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. On average, research analysts forecast that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares in the last quarter. XTX Topco Ltd bought a new stake in Plug Power during the 3rd quarter worth about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Plug Power by 24.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after acquiring an additional 476,060 shares during the last quarter. Stifel Financial Corp grew its holdings in Plug Power by 23.4% during the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after acquiring an additional 265,514 shares during the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Plug Power by 166.4% during the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after acquiring an additional 265,042 shares during the last quarter. Institutional investors and hedge funds 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.