Plug Power (NASDAQ:PLUG) Trading Down 0.5%

Plug Power Inc. (NASDAQ:PLUG)’s share price dropped 0.5% during trading on Wednesday . The stock traded as low as $2.10 and last traded at $2.13. Approximately 7,345,448 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 39,926,813 shares. The stock had previously closed at $2.14.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Plug Power in a report on Tuesday, May 14th. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday. Morgan Stanley reduced their price target on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Friday, May 10th. Susquehanna lowered their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Wells Fargo & Company reduced their target price 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.19.

Plug Power Stock Performance

The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average price of $2.56 and a 200 day moving average price of $3.06. The firm has a market capitalization of $1.51 billion, a PE ratio of -0.89 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The firm had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. Plug Power’s revenue was down 44.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) EPS. Research analysts expect that Plug Power Inc. will post -1.1 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. raised its stake in shares of Plug Power by 1.9% in the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after acquiring an additional 999,194 shares in the last quarter. Norges Bank purchased a new stake in Plug Power during the 4th quarter worth about $97,800,000. Pinnacle Associates Ltd. raised its position in Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after purchasing an additional 1,105,813 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Plug Power by 37.0% in the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock valued at $7,975,000 after buying an additional 923,579 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Plug Power by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after buying an additional 102,095 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.