Plug Power (NASDAQ:PLUG) Shares Down 2.5%

Plug Power Inc. (NASDAQ:PLUGGet Free Report)’s share price traded down 2.5% during mid-day trading on Monday . The company traded as low as $1.91 and last traded at $1.91. 5,319,831 shares traded hands during trading, a decline of 86% from the average session volume of 38,819,648 shares. The stock had previously closed at $1.96.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Susquehanna dropped their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Piper Sandler dropped their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Truist Financial decreased their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Wells Fargo & Company decreased their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.19.

Get Our Latest Stock Report on Plug Power

Plug Power Stock Performance

The stock’s 50 day simple moving average is $2.26 and its two-hundred day simple moving average is $2.74. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUGGet Free Report) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.35) EPS. Sell-side analysts forecast that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently added to or reduced their stakes in PLUG. Norges Bank purchased a new stake in shares of Plug Power in the fourth quarter valued at about $97,800,000. Swedbank AB acquired a new stake in shares of Plug Power during the first quarter valued at $10,687,000. SG Americas Securities LLC grew its stake in Plug Power by 134.0% in the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after acquiring an additional 1,407,858 shares during the period. Quadrature Capital Ltd acquired a new position in Plug Power in the fourth quarter valued at $5,133,000. Finally, Pinnacle Associates Ltd. increased its stake in shares of Plug Power by 41.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after acquiring an additional 1,105,813 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

(Get Free Report)

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.

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