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

Plug Power Inc. (NASDAQ:PLUG) gapped down before the market opened on Tuesday . The stock had previously closed at $2.51, but opened at $2.39. Plug Power shares last traded at $2.51, with a volume of 8,924,777 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PLUG shares. Royal Bank of Canada dropped their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Wells Fargo & Company dropped their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Piper Sandler reduced their price target on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Finally, Susquehanna dropped their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.01.

Plug Power Price Performance

The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -0.83 and a beta of 1.81. The company has a 50 day simple moving average of $2.05 and a 200-day simple moving average of $2.43. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business’s revenue for the quarter was down 44.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.35) EPS. As a group, research analysts anticipate that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. lifted its holdings in shares of Plug Power by 44.3% in the 3rd 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 last quarter. State Board of Administration of Florida Retirement System lifted its stake in Plug Power by 5.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after buying an additional 33,311 shares during the last quarter. Gabelli Funds LLC boosted its holdings in shares of Plug Power by 42.9% during the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock valued at $860,000 after acquiring an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Plug Power by 25.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock worth $4,532,000 after acquiring an additional 400,120 shares during the last quarter. Finally, Diversified Trust Co acquired a new stake in shares of Plug Power in the 2nd quarter worth about $35,000. 43.48% of the stock is currently 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.