Plug Power (NASDAQ:PLUG) Shares Down 4.3% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) shares dropped 4.3% during trading on Tuesday . The stock traded as low as $2.10 and last traded at $2.11. Approximately 6,412,061 shares changed hands during trading, a decline of 85% from the average daily volume of 41,605,973 shares. The stock had previously closed at $2.20.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PLUG. Evercore ISI lowered their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Jefferies Financial Group cut their price objective 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. Truist Financial decreased their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Royal Bank of Canada cut their price target on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Finally, Canaccord Genuity Group cut their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Price Performance

The company has a fifty day moving average of $2.08 and a 200 day moving average of $2.38. The firm has a market capitalization of $1.93 billion, a P/E ratio of -0.97 and a beta of 1.81. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last issued its 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). The business had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.47) earnings per share. Sell-side analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after purchasing an additional 999,194 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Plug Power by 11.0% during the 1st quarter. Advisors Asset Management Inc. now owns 70,442 shares of the electronics maker’s stock worth $242,000 after purchasing an additional 7,006 shares in the last quarter. Gabelli Funds LLC increased its holdings in Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after purchasing an additional 75,000 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in Plug Power by 29.4% during the 1st quarter. 1832 Asset Management L.P. now owns 44,000 shares of the electronics maker’s stock worth $151,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Plug Power by 4.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 511,548 shares of the electronics maker’s stock worth $1,760,000 after purchasing an additional 20,199 shares in the last quarter. Institutional investors 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.