Plug Power (NASDAQ:PLUG) Stock Price Down 8.5% on Disappointing Earnings

Plug Power Inc. (NASDAQ:PLUG)’s stock price was down 8.5% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $1.79 and last traded at $1.82. Approximately 35,896,563 shares changed hands during trading, a decline of 12% from the average daily volume of 40,634,707 shares. The stock had previously closed at $1.99.

The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.47) EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PLUG shares. Wells Fargo & Company cut their target price 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. Craig Hallum cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday. Piper Sandler cut their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday. Evercore ISI cut their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Canaccord Genuity Group dropped their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.60.

Institutional Investors Weigh In On Plug Power

Large investors have recently made changes to their positions in the company. Pitcairn Co. grew its position in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 4,169 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its position in Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors grew its position in Plug Power by 18.2% during the third 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares in the last quarter. Finally, Catalyst Capital Advisors LLC grew its position in Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Price Performance

The stock’s 50-day moving average is $2.06 and its 200 day moving average is $2.41. The stock has a market capitalization of $1.73 billion, a PE ratio of -0.88 and a beta of 1.81. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

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.