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

Plug Power Inc. (NASDAQ:PLUG) gapped down before the market opened on Tuesday . The stock had previously closed at $2.51, but opened at $2.39. Plug Power shares last traded at $2.51, with a volume of 8,924,777 shares.

Analyst Upgrades and Downgrades

Several research firms recently commented on PLUG. Craig Hallum lowered their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Wells Fargo & Company cut their price objective on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Susquehanna reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Truist Financial lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, Canaccord Genuity Group decreased their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.01.

Plug Power Stock Performance

The firm’s fifty day simple moving average is $2.05 and its 200 day simple moving average is $2.43. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -0.83 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The firm had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. On average, sell-side analysts forecast that Plug Power Inc. will post -1.16 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Swedbank AB purchased a new position in Plug Power during the 1st quarter valued at about $10,687,000. SG Americas Securities LLC increased its stake in Plug Power by 134.0% in the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after buying an additional 1,407,858 shares during the period. Vontobel Holding Ltd. increased its stake 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 buying an additional 1,051,400 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after buying an additional 1,036,777 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after acquiring an additional 999,194 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.