Plug Power (NASDAQ:PLUG) Stock Price Down 6.4% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) dropped 6.4% during mid-day trading on Friday . The company traded as low as $2.46 and last traded at $2.57. Approximately 48,834,594 shares changed hands during trading, a decline of 38% from the average daily volume of 79,025,305 shares. The stock had previously closed at $2.74.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent analyst reports. Susquehanna lifted their price objective on shares of Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Thursday. Canaccord Genuity Group cut their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Piper Sandler dropped their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Finally, Wells Fargo & Company reduced their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus target price of $4.55.

Plug Power Stock Performance

The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -1.14 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a fifty day moving average of $2.34 and a 200 day moving average of $2.25.

Plug Power (NASDAQ:PLUG) last issued its earnings results 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). The company had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm’s revenue was down 12.6% compared to the same quarter last year. During the same period last year, the business earned ($0.47) earnings per share. As a group, sell-side analysts forecast that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the company. Profund Advisors LLC purchased a new stake in shares of Plug Power during the 2nd quarter valued at approximately $29,000. Prio Wealth Limited Partnership acquired a new stake in Plug Power during the third quarter worth $29,000. Catalyst Capital Advisors LLC raised its position in Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the period. Millburn Ridgefield Corp lifted its stake in shares of Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. Finally, First Commonwealth Financial Corp PA purchased a new position in shares of Plug Power during the 3rd quarter worth $29,000. 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.