Shares of Plug Power Inc. (NASDAQ:PLUG – Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $1.91 and last traded at $1.93, with a volume of 4041229 shares traded. The stock had previously closed at $1.94.
Wall Street Analyst Weigh In
Several analysts have weighed in on the company. Susquehanna dropped their price target 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. HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Plug Power in a report on Tuesday, May 14th. Wells Fargo & Company lowered their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. B. Riley raised Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Craig Hallum reduced their price target 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. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.19.
Get Our Latest Stock Report on PLUG
Plug Power Stock Performance
Plug Power (NASDAQ:PLUG – Get Free Report) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The firm 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 business’s revenue for the quarter was down 44.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. As a group, equities research analysts expect that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Plug Power
Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Plug Power in the 4th quarter valued at approximately $97,800,000. Swedbank AB acquired a new stake in shares of Plug Power during the first quarter worth about $10,687,000. SG Americas Securities LLC boosted its stake in shares of Plug Power by 134.0% in the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after purchasing an additional 1,407,858 shares during the period. Quadrature Capital Ltd acquired a new stake in Plug Power during the 4th quarter worth approximately $5,133,000. Finally, Pinnacle Associates Ltd. grew its stake in shares of Plug Power by 41.4% in the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after acquiring an additional 1,105,813 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.
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.
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