Plug Power (NASDAQ:PLUG) Shares Down 9.8% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded down 9.8% during mid-day trading on Wednesday . The stock traded as low as $2.63 and last traded at $2.66. 30,052,167 shares were traded during mid-day trading, a decline of 66% from the average session volume of 87,502,094 shares. The stock had previously closed at $2.95.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Evercore ISI cut their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Piper Sandler reduced their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Craig Hallum reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.43 billion, a P/E ratio of -1.25 and a beta of 1.79. The company has a 50 day moving average price of $2.25 and a 200-day moving average price of $2.23.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $207.25 million. During the same period last year, the firm posted ($0.47) earnings per share. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. On average, equities analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after acquiring an additional 1,036,777 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Plug Power by 45.1% during the 2nd quarter. Principal Financial Group Inc. now owns 63,780 shares of the electronics maker’s stock worth $149,000 after purchasing an additional 19,824 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Plug Power by 8.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 356,973 shares of the electronics maker’s stock worth $832,000 after purchasing an additional 29,134 shares during the period. Rhumbline Advisers boosted its stake in shares of Plug Power by 97.2% in the 2nd quarter. Rhumbline Advisers now owns 1,296,047 shares of the electronics maker’s stock valued at $3,020,000 after purchasing an additional 638,761 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Plug Power by 8.6% during the second quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock worth $205,000 after buying an additional 7,014 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.