Plug Power (NASDAQ:PLUG) Shares Down 2.5%

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 2.5% during mid-day trading on Monday . The company traded as low as $1.91 and last traded at $1.91. 5,319,831 shares traded hands during trading, a decline of 86% from the average session volume of 38,819,648 shares. The stock had previously closed at $1.96.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Susquehanna dropped their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Piper Sandler dropped their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Truist Financial decreased their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Wells Fargo & Company decreased their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.19.

Plug Power Stock Performance

The stock’s 50 day simple moving average is $2.26 and its two-hundred day simple moving average is $2.74. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.35) EPS. Sell-side analysts forecast that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently added to or reduced their stakes in PLUG. Norges Bank purchased a new stake in shares of Plug Power in the fourth quarter valued at about $97,800,000. Swedbank AB acquired a new stake in shares of Plug Power during the first quarter valued at $10,687,000. SG Americas Securities LLC grew its stake in Plug Power by 134.0% in the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after acquiring an additional 1,407,858 shares during the period. Quadrature Capital Ltd acquired a new position in Plug Power in the fourth quarter valued at $5,133,000. Finally, Pinnacle Associates Ltd. increased its stake in shares of Plug Power by 41.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after acquiring an additional 1,105,813 shares during the last quarter. Hedge funds and other institutional investors 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.