Plug Power (NASDAQ:PLUG) Stock Price Down 3.8% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) dropped 3.8% on Tuesday . The company traded as low as $2.26 and last traded at $2.28. Approximately 12,314,952 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 39,145,359 shares. The stock had previously closed at $2.37.

Analysts Set New Price Targets

PLUG has been the subject of several analyst reports. Wells Fargo & Company reduced 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. Royal Bank of Canada cut their price objective on shares of 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. Piper Sandler dropped their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Canaccord Genuity Group decreased their price target on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, B. Riley raised shares of Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $5.01.

Plug Power Stock Performance

The stock has a fifty day simple moving average of $2.04 and a two-hundred day simple moving average of $2.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG) last announced 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 firm had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. During the same period last year, the firm earned ($0.35) EPS. Plug Power’s revenue was down 44.9% compared to the same quarter last year. Analysts expect that Plug Power Inc. will post -1.16 EPS for the current year.

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. grew its position in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after buying an additional 1,051,400 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in Plug Power by 5.9% during 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 in the last quarter. Gabelli Funds LLC increased its holdings in shares of Plug Power by 42.9% in the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock valued at $860,000 after purchasing an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of 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 valued at $4,532,000 after purchasing an additional 400,120 shares during the period. Finally, Diversified Trust Co acquired a new position in shares of Plug Power in the 2nd quarter valued at about $35,000. 43.48% of the stock is 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.