Plug Power (NASDAQ:PLUG) Stock Price Down 3.5% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 3.5% during mid-day trading on Monday . The stock traded as low as $2.45 and last traded at $2.47. Approximately 15,727,269 shares were traded during trading, a decline of 64% from the average daily volume of 43,418,188 shares. The stock had previously closed at $2.56.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PLUG shares. Canaccord Genuity Group dropped their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research note on Wednesday, November 13th. Jefferies Financial Group reduced their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Evercore ISI lowered their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Finally, Wells Fargo & Company cut their price target on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Stock Down 0.4 %

The business has a 50-day simple moving average of $2.19 and a two-hundred day simple moving average of $2.25. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -1.13 and a beta of 1.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last released its quarterly 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 return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the company earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, equities analysts predict that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV acquired a new position in Plug Power during the 2nd quarter worth approximately $26,000. Aire Advisors LLC acquired a new position in Plug Power during the second quarter worth $28,000. Profund Advisors LLC purchased a new position in Plug Power in the second quarter worth $29,000. Prio Wealth Limited Partnership acquired a new stake in Plug Power in the third quarter valued at $29,000. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

About Plug Power

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.