Plug Power (NASDAQ:PLUG) Shares Down 1.5% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s share price dropped 1.5% on Thursday . The stock traded as low as $1.95 and last traded at $1.98. Approximately 12,814,693 shares traded hands during trading, a decline of 67% from the average daily volume of 39,277,398 shares. The stock had previously closed at $2.01.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PLUG shares. Jefferies Financial Group cut their price objective 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. Wells Fargo & Company cut their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Piper Sandler cut their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Craig Hallum dropped their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Susquehanna reduced their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.01.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The stock has a 50-day moving average of $2.04 and a 200-day moving average of $2.44. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -0.84 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business’s revenue was down 44.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.35) EPS. As a group, analysts anticipate that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Institutional Trading of Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the stock. J.W. Cole Advisors Inc. acquired a new position in shares of Plug Power in the first quarter worth approximately $36,000. HBK Sorce Advisory LLC acquired a new position in shares of Plug Power during the first quarter valued at about $37,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power in the 2nd quarter worth about $26,000. SteelPeak Wealth LLC acquired a new position in Plug Power during the 2nd quarter valued at about $26,000. Finally, Aire Advisors LLC bought a new stake in Plug Power during the 2nd quarter worth approximately $28,000. 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.