Plug Power (NASDAQ:PLUG) Stock Price Down 5.4% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) was down 5.4% during mid-day trading on Wednesday . The stock traded as low as $1.86 and last traded at $1.86. Approximately 24,794,399 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 77,918,836 shares. The stock had previously closed at $1.96.

Analyst Ratings Changes

Several research analysts have recently issued reports on PLUG shares. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Seaport Res Ptn lowered shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Susquehanna raised their target price on shares of Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Finally, Piper Sandler cut their price target 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. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $4.46.

Plug Power Stock Down 3.1 %

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -0.87 and a beta of 1.79. The stock’s fifty day moving average price is $2.36 and its 200-day moving average price is $2.22.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data 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 business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same quarter last year, the business earned ($0.47) earnings per share. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. On average, sell-side analysts predict that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after buying an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares during the last quarter. Van ECK Associates Corp increased its holdings in Plug Power by 23.6% during the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after buying an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after buying an additional 1,051,400 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Plug Power by 24.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after buying an additional 476,060 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

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.