Plug Power (NASDAQ:PLUG) Shares Down 9.5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded down 9.5% during trading on Thursday . The stock traded as low as $2.56 and last traded at $2.67. 68,127,402 shares traded hands during trading, a decline of 29% from the average session volume of 95,630,695 shares. The stock had previously closed at $2.95.

Wall Street Analysts Forecast Growth

PLUG has been the topic of several research reports. Wells Fargo & Company cut their target price 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. Jefferies Financial Group cut their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Canaccord Genuity Group dropped their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Evercore ISI reduced their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Finally, Piper Sandler dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Four investment 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The business’s fifty day simple moving average is $2.27 and its 200 day simple moving average is $2.24. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -1.25 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) 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 company posted ($0.47) earnings per share. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. Research analysts predict that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its position in Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares during the period. XTX Topco Ltd acquired a new position in Plug Power in the third quarter worth $2,174,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Plug Power by 24.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after acquiring an additional 476,060 shares during the last quarter. Stifel Financial Corp grew its stake in shares of Plug Power by 23.4% during the third 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 last quarter. Finally, MetLife Investment Management LLC raised its position 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 acquiring an additional 265,042 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.