Plug Power (NASDAQ:PLUG) Trading Down 2.5%

Plug Power Inc. (NASDAQ:PLUG)’s stock price fell 2.5% during 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.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent analyst reports. Royal Bank of Canada dropped their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Craig Hallum dropped their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Piper Sandler reduced their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Truist Financial dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, Wells Fargo & Company reduced 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. Four equities 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $5.19.

Plug Power Stock Up 0.5 %

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 company has a 50-day simple moving average of $2.24 and a 200-day simple moving average of $2.72. The firm has a market cap of $1.56 billion, a PE ratio of -0.90 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. During the same quarter in the previous year, the firm earned ($0.35) EPS. Plug Power’s revenue was down 44.9% compared to the same quarter last year. Analysts expect that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina grew its stake in Plug Power by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after acquiring an additional 2,280 shares in the last quarter. Pitcairn Co. raised its position in Plug Power by 27.1% during the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 4,169 shares in the last quarter. Cetera Advisors LLC lifted its holdings in shares of Plug Power by 33.0% in the 1st quarter. Cetera Advisors LLC now owns 27,733 shares of the electronics maker’s stock worth $95,000 after buying an additional 6,885 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Plug Power by 11.0% in the 1st quarter. Advisors Asset Management Inc. now owns 70,442 shares of the electronics maker’s stock worth $242,000 after buying an additional 7,006 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Plug Power by 8.6% during the 2nd quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock worth $205,000 after buying an additional 7,014 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.