Plug Power (NASDAQ:PLUG) Shares Down 6.5% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) was down 6.5% during mid-day trading on Monday . The stock traded as low as $1.97 and last traded at $1.95. Approximately 41,574,597 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 77,663,547 shares. The stock had previously closed at $2.08.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PLUG shares. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. StockNews.com raised Plug Power to a “sell” rating in a research report on Wednesday, January 22nd. Susquehanna lifted their target price on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Finally, Craig Hallum reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $4.46.

Plug Power Stock Down 7.9 %

The firm has a 50-day moving average price of $2.36 and a two-hundred day moving average price of $2.24. The company has a market capitalization of $1.74 billion, a P/E ratio of -0.89 and a beta of 1.79. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.47) EPS. Equities research analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares in the last quarter. XTX Topco Ltd acquired a new position in Plug Power during the 3rd quarter worth $2,174,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Plug Power by 24.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after acquiring an additional 476,060 shares during the period. Stifel Financial Corp lifted its position in Plug Power by 23.4% during the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after purchasing an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC raised its stake in shares of Plug Power by 166.4% during the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares during the last quarter. 43.48% of the stock is currently 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.