Plug Power (NASDAQ:PLUG) Trading Down 3.7% on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) was down 3.7% on Thursday after Jefferies Financial Group lowered their price target on the stock from $2.20 to $2.00. Jefferies Financial Group currently has a hold rating on the stock. Plug Power traded as low as $2.06 and last traded at $2.08. Approximately 7,152,008 shares traded hands during trading, a decline of 82% from the average daily volume of 39,304,395 shares. The stock had previously closed at $2.16.

Other equities research analysts have also recently issued reports about the company. Craig Hallum reduced their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. B. Riley raised shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Royal Bank of Canada decreased their price target 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. Canaccord Genuity Group cut their price objective 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, Susquehanna decreased their target price 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. Four 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 company. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $5.01.

Institutional Investors Weigh In On Plug Power

Several large investors have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Plug Power by 25.9% in the second 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 buying an additional 400,120 shares in the last quarter. 3Chopt Investment Partners LLC acquired a new position in shares of Plug Power in the 2nd quarter worth approximately $212,000. Algert Global LLC bought a new stake in Plug Power during the 2nd quarter worth approximately $152,000. The Manufacturers Life Insurance Company increased its holdings in Plug Power by 144.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 382,186 shares of the electronics maker’s stock valued at $890,000 after purchasing an additional 225,834 shares in the last quarter. Finally, Dimension Capital Management LLC bought a new position in Plug Power in the 2nd quarter valued at $35,000. Institutional investors own 43.48% of the company’s stock.

Plug Power Trading Up 4.4 %

The company has a market cap of $1.60 billion, a price-to-earnings ratio of -0.90 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The business has a 50 day simple moving average of $2.07 and a 200 day simple moving average of $2.60.

Plug Power (NASDAQ:PLUG) last issued its quarterly 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 company had revenue of $143.40 million for 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 firm’s quarterly revenue was down 44.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.35) EPS. As a group, equities analysts forecast that Plug Power Inc. will post -1.15 EPS for the current year.

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.