Plug Power (NASDAQ:PLUG) Shares Down 5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) fell 5% on Wednesday . The stock traded as low as $2.09 and last traded at $2.11. 13,869,586 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 39,184,418 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PLUG. Wells Fargo & Company dropped their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Jefferies Financial Group lowered their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Piper Sandler lowered their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Craig Hallum lowered their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Truist Financial lowered their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus target price of $5.01.

Plug Power Stock Up 0.9 %

The firm has a fifty day simple moving average of $2.04 and a 200-day simple moving average of $2.47. The company has a market capitalization of $1.89 billion, a P/E ratio of -0.96 and a beta of 1.79. 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 quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same quarter in the prior year, the business earned ($0.35) earnings per share. The firm’s revenue for the quarter was down 44.9% compared to the same quarter last year. On average, equities research analysts expect that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently added to or reduced their stakes in the stock. Pitcairn Co. grew its position in Plug Power by 27.1% during the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 4,169 shares during the last quarter. Arkadios Wealth Advisors lifted its stake in shares of Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after purchasing an additional 5,075 shares during the period. Cetera Advisors LLC lifted its stake in shares of Plug Power by 33.0% in the 1st quarter. Cetera Advisors LLC now owns 27,733 shares of the electronics maker’s stock valued at $95,000 after purchasing an additional 6,885 shares during the period. Advisors Asset Management Inc. raised its stake in Plug Power by 11.0% during the 1st quarter. Advisors Asset Management Inc. now owns 70,442 shares of the electronics maker’s stock worth $242,000 after buying an additional 7,006 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Plug Power by 8.6% during the 2nd 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 period. 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.