Plug Power (NASDAQ:PLUG) Stock Price Down 3.5% – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 3.5% during trading on Monday . The company traded as low as $2.45 and last traded at $2.47. Approximately 15,727,269 shares traded hands during trading, a decline of 64% from the average daily volume of 43,418,188 shares. The stock had previously closed at $2.56.

Analysts Set New Price Targets

PLUG has been the subject of a number of research analyst reports. Evercore ISI dropped their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Plug Power 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. Finally, Craig Hallum lowered their price objective 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, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

The stock has a market cap of $2.21 billion, a PE ratio of -1.13 and a beta of 1.76. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The stock has a 50-day simple moving average of $2.19 and a 200-day simple moving average of $2.25.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm 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 46.99% and a negative net margin of 214.05%. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.47) EPS. Equities analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new stake in Plug Power during the 3rd quarter worth $206,000. Arete Wealth Advisors LLC boosted its position in shares of Plug Power by 575.8% in the third quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock worth $332,000 after buying an additional 125,347 shares during the period. Geode Capital Management LLC boosted its position in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after buying an additional 3,662,456 shares during the period. Duff & Phelps Investment Management Co. grew its stake in shares of Plug Power by 31.7% in the third quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock valued at $170,000 after buying an additional 18,110 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in Plug Power during the 3rd quarter worth approximately $823,000. Institutional investors and hedge funds 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.