Plug Power (NASDAQ:PLUG) Shares Down 3.5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares dropped 3.5% during mid-day trading on Monday . The stock traded as low as $2.45 and last traded at $2.47. Approximately 15,727,269 shares were traded during trading, a decline of 64% from the average daily volume of 43,418,188 shares. The stock had previously closed at $2.56.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PLUG. Evercore ISI dropped their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Jefferies Financial Group cut their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Canaccord Genuity Group decreased their price target 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. Wells Fargo & Company cut their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. Finally, Piper Sandler decreased 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. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Down 3.5 %

The firm’s 50 day simple moving average is $2.18 and its 200-day simple moving average is $2.26. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -1.15 and a beta of 1.76. 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 released 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). The firm had revenue of $173.70 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.47) EPS. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after buying an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. grew its holdings 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 purchasing an additional 1,354,500 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Plug Power by 44.3% in the third 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 in the last quarter. Bank of New York Mellon Corp raised 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 worth $5,896,000 after buying an additional 1,036,777 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in Plug Power in the 3rd quarter valued at about $2,174,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.