Plug Power (NASDAQ:PLUG) Shares Down 0.5% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) dropped 0.5% on Wednesday . The stock traded as low as $2.04 and last traded at $2.12. Approximately 11,057,108 shares were traded during trading, a decline of 72% from the average daily volume of 39,194,391 shares. The stock had previously closed at $2.13.

Analyst Ratings Changes

PLUG has been the subject of a number of research reports. Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Craig Hallum cut their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Truist Financial dropped their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company reduced their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Jefferies Financial Group lowered their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power presently has an average rating of “Hold” and a consensus target price of $5.01.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The business has a 50-day moving average of $2.04 and a 200-day moving average of $2.45. The company has a market capitalization of $1.81 billion, a P/E ratio of -0.90 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released 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 business had revenue of $143.40 million for the quarter, compared to the consensus estimate 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 prior year, the company posted ($0.35) EPS. On average, sell-side analysts anticipate that Plug Power Inc. will post -1.16 EPS for the current year.

Institutional Trading of Plug Power

A number of large investors have recently modified their holdings of PLUG. Vanguard Group Inc. lifted its holdings in shares of Plug Power by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock worth $242,943,000 after buying an additional 283,376 shares during the period. First Trust Direct Indexing L.P. bought a new position in Plug Power during the 1st quarter worth about $75,000. Principal Financial Group Inc. increased its position in Plug Power by 32.0% during the 1st quarter. Principal Financial Group Inc. now owns 43,956 shares of the electronics maker’s stock valued at $151,000 after purchasing an additional 10,663 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Plug Power by 25.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 327,839 shares of the electronics maker’s stock worth $1,128,000 after purchasing an additional 67,241 shares during the period. Finally, J.W. Cole Advisors Inc. bought a new position in shares of Plug Power during the first quarter valued at approximately $36,000. 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.