Plug Power (NASDAQ:PLUG) Shares Down 0.5% – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) traded down 0.5% on Tuesday . The company traded as low as $2.03 and last traded at $2.07. 6,859,147 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 39,091,285 shares. The stock had previously closed at $2.08.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PLUG shares. B. Riley upgraded Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Royal Bank of Canada lowered their target price 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 dropped their price target 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. Truist Financial lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, Canaccord Genuity Group lowered their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.01.

Plug Power Stock Down 1.4 %

The business’s 50 day moving average is $2.03 and its 200 day moving average is $2.51. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.51 billion, a P/E ratio of -0.85 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same period in the previous year, the firm posted ($0.35) earnings per share. The company’s revenue was down 44.9% on a year-over-year basis. As a group, equities analysts anticipate that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. Mosley Wealth Management acquired a new position in shares of Plug Power during the first quarter worth $35,000. J.W. Cole Advisors Inc. acquired a new position in shares of Plug Power in the 1st quarter valued at $36,000. HighPoint Advisor Group LLC purchased a new position in Plug Power in the 4th quarter worth $48,000. HBK Sorce Advisory LLC acquired a new stake in Plug Power during the 1st quarter worth about $37,000. Finally, Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power in the second quarter valued at about $26,000. 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.