Plug Power Inc. (NASDAQ:PLUG – Get Free Report)’s share price fell 6.5% on Wednesday after Royal Bank of Canada lowered their price target on the stock from $5.00 to $3.50. Royal Bank of Canada currently has a sector perform rating on the stock. Plug Power traded as low as $3.46 and last traded at $3.48. 79,651,400 shares were traded during mid-day trading, an increase of 49% from the average session volume of 53,502,070 shares. The stock had previously closed at $3.72.
Several other analysts have also issued reports on the company. B. Riley reduced their target price on Plug Power from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday. Citigroup cut Plug Power from a “buy” rating to a “neutral” rating and decreased their target price for the company from $12.50 to $5.00 in a research report on Thursday, November 16th. Northland Securities downgraded shares of Plug Power from an “outperform” rating to a “market perform” rating and set a $7.00 price objective for the company. in a research note on Friday, November 10th. UBS Group decreased their target price on shares of Plug Power from $15.50 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, November 14th. Finally, Wolfe Research downgraded shares of Plug Power from an “outperform” rating to a “peer perform” rating in a report on Monday, November 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.39.
Hedge Funds Weigh In On Plug Power
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Natixis Advisors L.P. boosted its holdings in Plug Power by 0.9% during the 2nd quarter. Natixis Advisors L.P. now owns 79,424 shares of the electronics maker’s stock valued at $1,316,000 after acquiring an additional 723 shares during the period. Signaturefd LLC boosted its holdings in Plug Power by 20.6% in the second quarter. Signaturefd LLC now owns 4,785 shares of the electronics maker’s stock valued at $50,000 after acquiring an additional 817 shares in the last quarter. US Bancorp DE lifted its position in shares of Plug Power by 7.9% in the 1st quarter. US Bancorp DE now owns 11,362 shares of the electronics maker’s stock worth $324,000 after purchasing an additional 833 shares during the period. J.W. Cole Advisors Inc. lifted its holdings in shares of Plug Power by 8.0% during the second quarter. J.W. Cole Advisors Inc. now owns 12,308 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 913 shares during the last quarter. Finally, Ethic Inc. raised its stake in Plug Power by 8.2% during the first quarter. Ethic Inc. now owns 12,098 shares of the electronics maker’s stock valued at $346,000 after buying an additional 914 shares during the last quarter. 49.99% of the stock is currently owned by hedge funds and other institutional investors.
Plug Power Stock Down 7.0 %
The stock has a 50 day simple moving average of $4.02 and a 200-day simple moving average of $6.93. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.41 and a quick ratio of 1.31. The firm has a market cap of $2.10 billion, a PE ratio of -2.18 and a beta of 1.65.
Plug Power (NASDAQ:PLUG – Get Free Report) last issued its earnings results on Thursday, November 9th. The electronics maker reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.15). Plug Power had a negative return on equity of 24.18% and a negative net margin of 106.74%. The firm had revenue of $198.71 million during the quarter, compared to analysts’ expectations of $219.57 million. During the same period last year, the firm posted ($0.30) earnings per share. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. Sell-side analysts predict that Plug Power Inc. will post -1.5 EPS for the current fiscal year.
Plug Power Company Profile
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 liquid green hydrogen production, storage and handling, transportation, and dispensing infrastructure.