Plug Power Inc. (NASDAQ:PLUG – Get Free Report) was down 3.7% during mid-day trading on Tuesday . The company traded as low as $1.79 and last traded at $1.81. Approximately 11,102,574 shares were traded during trading, a decline of 72% from the average daily volume of 39,236,090 shares. The stock had previously closed at $1.88.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the stock. Morgan Stanley reduced their price objective on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Friday, May 10th. TD Cowen dropped their target price on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Canaccord Genuity Group lowered their price target on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Craig Hallum lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Piper Sandler reduced their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.19.
Plug Power Trading Down 6.9 %
The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The business’s 50-day simple moving average is $2.37 and its 200-day simple moving average is $2.85. The company has a market cap of $1.30 billion, a PE ratio of -0.75 and a beta of 1.81.
Plug Power (NASDAQ:PLUG – Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same period last year, the company earned ($0.35) earnings per share. As a group, analysts expect that Plug Power Inc. will post -1.15 EPS for the current fiscal year.
Institutional Trading of Plug Power
Hedge funds have recently made changes to their positions in the company. Kestra Private Wealth Services LLC raised its stake in Plug Power by 48.0% during the 4th quarter. Kestra Private Wealth Services LLC now owns 17,505 shares of the electronics maker’s stock worth $79,000 after buying an additional 5,680 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Plug Power by 23.5% during the fourth quarter. Victory Capital Management Inc. now owns 72,715 shares of the electronics maker’s stock worth $327,000 after purchasing an additional 13,838 shares in the last quarter. M&T Bank Corp increased its stake in Plug Power by 26.9% in the fourth quarter. M&T Bank Corp now owns 50,053 shares of the electronics maker’s stock valued at $225,000 after acquiring an additional 10,618 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Plug Power by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after acquiring an additional 102,095 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Plug Power by 42.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 317,850 shares of the electronics maker’s stock worth $1,392,000 after buying an additional 95,092 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.
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.