Plug Power Inc. (NASDAQ:PLUG – Get Rating) dropped 6.7% during trading on Wednesday after Citigroup lowered their price target on the stock from $36.00 to $28.00. The company traded as low as $21.83 and last traded at $21.83. Approximately 139,460 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 16,571,779 shares. The stock had previously closed at $23.39.
Several other research analysts have also commented on the company. BMO Capital Markets lifted their price target on Plug Power from $20.00 to $29.00 in a research report on Wednesday, August 10th. Northland Securities assumed coverage on shares of Plug Power in a report on Tuesday, August 2nd. They issued a “market perform” rating and a $25.00 target price for the company. Cowen cut their target price on Plug Power to $35.00 in a research note on Monday, August 15th. Susquehanna upped their price target on shares of Plug Power from $30.00 to $35.00 and gave the stock a “positive” rating in a report on Wednesday, August 10th. Finally, BTIG Research decreased their price objective on shares of Plug Power to $35.00 in a report on Monday, August 15th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $34.04.
Institutional Trading of Plug Power
A number of institutional investors have recently bought and sold shares of PLUG. Parkside Financial Bank & Trust increased its holdings in Plug Power by 929.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 968 shares of the electronics maker’s stock worth $27,000 after buying an additional 874 shares during the period. Tyler Stone Wealth Management purchased a new stake in Plug Power in the fourth quarter valued at $28,000. Acima Private Wealth LLC acquired a new stake in Plug Power during the 4th quarter worth about $28,000. Webster Bank N. A. lifted its holdings in shares of Plug Power by 62.4% in the 1st quarter. Webster Bank N. A. now owns 1,015 shares of the electronics maker’s stock valued at $29,000 after buying an additional 390 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Plug Power by 1,642.9% in the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,220 shares of the electronics maker’s stock worth $35,000 after buying an additional 1,150 shares during the last quarter. 51.09% of the stock is currently owned by institutional investors and hedge funds.
Plug Power Trading Down 6.6 %
The firm has a fifty day moving average of $25.93 and a 200 day moving average of $22.23. The company has a current ratio of 9.10, a quick ratio of 8.10 and a debt-to-equity ratio of 0.12.
Plug Power (NASDAQ:PLUG – Get Rating) last issued its quarterly earnings data on Tuesday, August 9th. The electronics maker reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.10). Plug Power had a negative return on equity of 13.73% and a negative net margin of 105.26%. The firm had revenue of $151.30 million during the quarter, compared to analyst estimates of $162.31 million. During the same quarter last year, the company posted ($0.18) EPS. The company’s revenue was up 21.5% on a year-over-year basis. Research analysts anticipate that Plug Power Inc. will post -0.99 earnings per share for the current fiscal year.
About Plug Power
Plug Power Inc delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications.