Plug Power (NASDAQ:PLUG) Trading Down 6.4% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 6.4% on Friday . The company traded as low as $2.46 and last traded at $2.57. 48,834,594 shares traded hands during trading, a decline of 38% from the average session volume of 79,025,305 shares. The stock had previously closed at $2.74.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI lowered their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler cut their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Susquehanna upped their price target on shares of Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Thursday. Finally, Jefferies Financial Group cut their target price 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. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus price target of $4.55.

Plug Power Price Performance

The company has a market cap of $2.26 billion, a P/E ratio of -1.16 and a beta of 1.79. The firm’s 50-day moving average is $2.33 and its two-hundred day moving average is $2.25. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same quarter last year, the firm earned ($0.47) earnings per share. The business’s quarterly revenue was down 12.6% on a year-over-year basis. Analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several large investors have recently modified their holdings of PLUG. Geode Capital Management LLC grew its position in Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Plug Power by 25.6% in the 3rd 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 in the last quarter. Van ECK Associates Corp increased its position in shares of Plug Power by 23.6% during the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in Plug Power by 24.5% in the third 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 purchasing an additional 476,060 shares in the last quarter. 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.