Plug Power (NASDAQ:PLUG) Stock Price Down 0.5% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 0.5% on Wednesday . The stock traded as low as $2.01 and last traded at $2.05. Approximately 12,649,056 shares traded hands during trading, a decline of 68% from the average daily volume of 39,270,430 shares. The stock had previously closed at $2.06.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PLUG shares. Susquehanna cut their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada cut their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company cut their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Truist Financial cut their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Finally, Jefferies Financial Group cut their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.01.

Plug Power Price Performance

The firm’s 50-day moving average price is $2.03 and its 200-day moving average price is $2.55. 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 stock has a market capitalization of $1.86 billion, a PE ratio of -0.89 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The business had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.35) earnings per share. On average, equities analysts forecast 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 business. State Board of Administration of Florida Retirement System raised its position in shares of Plug Power by 5.9% during the 1st 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 in the last quarter. Gabelli Funds LLC raised its position in Plug Power by 42.9% in the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after purchasing an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in Plug Power by 25.9% in the 2nd 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 purchasing an additional 400,120 shares during the period. Diversified Trust Co purchased a new stake in Plug Power in the 2nd quarter worth about $35,000. Finally, Vanguard Group Inc. raised its position in Plug Power by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock worth $242,943,000 after purchasing an additional 283,376 shares during the period. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.