Plug Power (NASDAQ:PLUG) Stock Price Down 0.4% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s stock price fell 0.4% on Monday . The company traded as low as $2.31 and last traded at $2.42. 13,970,192 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 43,218,074 shares. The stock had previously closed at $2.43.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PLUG shares. Wells Fargo & Company cut their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Piper Sandler lowered their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group decreased their price target 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 equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Price Performance

The firm has a 50-day simple moving average of $2.16 and a two-hundred day simple moving average of $2.28. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -1.04 and a beta of 1.76. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last posted its 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 analyst estimates of $207.25 million. During the same period last year, the business earned ($0.47) earnings per share. The firm’s revenue was down 12.6% on a year-over-year basis. As a group, analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares during the period. XTX Topco Ltd purchased a new position in Plug Power in the 3rd quarter valued at about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Plug Power by 24.5% in the 3rd 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 buying an additional 476,060 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its stake in Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after buying an additional 1,051,400 shares in the last quarter. 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.