Plug Power (NASDAQ:PLUG) Shares Down 3.4% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) fell 3.4% on Friday . The company traded as low as $1.84 and last traded at $1.85. 22,291,863 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 72,497,445 shares. The stock had previously closed at $1.91.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PLUG shares. Evercore ISI decreased their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research note on Wednesday, January 22nd. 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 note on Thursday, November 14th. Piper Sandler decreased their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Finally, Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.12.

Plug Power Trading Down 3.7 %

The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -0.86 and a beta of 1.79. The company’s 50-day moving average price is $2.34 and its 200-day moving average price is $2.18. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the business earned ($0.47) EPS. The business’s revenue was down 12.6% compared to the same quarter last year. Equities analysts expect that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in Plug Power by 23.6% during 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 last quarter. Charles Schwab Investment Management Inc. grew its holdings 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. Van ECK Associates Corp increased its position in Plug Power by 23.6% during the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Plug Power by 8.1% in the 4th quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker’s stock valued at $5,224,000 after buying an additional 183,438 shares during the period. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.