Plug Power (NASDAQ:PLUG) Trading Down 4.8% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares traded down 4.8% on Wednesday . The company traded as low as $2.38 and last traded at $2.39. 14,318,773 shares were traded during mid-day trading, a decline of 67% from the average session volume of 43,373,215 shares. The stock had previously closed at $2.51.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Evercore ISI decreased their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler reduced their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Craig Hallum lowered their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.26 billion, a PE ratio of -1.12 and a beta of 1.76. The stock’s 50-day moving average is $2.13 and its two-hundred day moving average is $2.31.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the prior year, the firm posted ($0.47) earnings per share. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. On average, equities analysts predict that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power during the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in Plug Power in the second quarter worth about $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power during the second quarter worth about $28,000. Madison Park Capital Advisors LLC acquired a new position in shares of Plug Power during the second quarter valued at about $29,000. Finally, Profund Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.