Plug Power (NASDAQ:PLUG) Shares Down 3.8% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) shares traded down 3.8% during mid-day trading on Tuesday . The stock traded as low as $1.62 and last traded at $1.66. 23,600,079 shares traded hands during trading, a decline of 67% from the average session volume of 72,023,836 shares. The stock had previously closed at $1.72.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent research reports. Piper Sandler dropped their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Susquehanna upped their price target 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. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Plug Power to a “sell” rating in a research note on Monday. Five analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $4.12.

Plug Power Stock Performance

The stock has a market capitalization of $1.48 billion, a PE ratio of -0.76 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 firm’s 50 day moving average is $2.32 and its two-hundred day moving average is $2.16.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results 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 company had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the prior year, the business earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, research analysts predict that Plug Power Inc. will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently modified their holdings of PLUG. Geode Capital Management LLC increased its stake in 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 valued at $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after purchasing an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of 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 purchasing an additional 1,051,400 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Plug Power by 8.1% during the 4th quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker’s stock worth $5,224,000 after buying an additional 183,438 shares during the last quarter. 43.48% of the stock is 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.