Plug Power (NASDAQ:PLUG) Shares Down 4.6% on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) shares fell 4.6% on Thursday after Craig Hallum lowered their price target on the stock from $4.00 to $3.00. Craig Hallum currently has a buy rating on the stock. Plug Power traded as low as $1.87 and last traded at $1.88. 19,712,677 shares traded hands during trading, a decline of 52% from the average session volume of 40,832,223 shares. The stock had previously closed at $1.97.

PLUG has been the subject of a number of other reports. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday. Jefferies Financial Group dropped their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Evercore ISI dropped their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Finally, Royal Bank of Canada lowered their price objective on shares of 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. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.52.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pitcairn Co. raised its holdings in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 4,169 shares in the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after purchasing an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors increased its holdings in shares of Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after acquiring an additional 5,075 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares during the period. Finally, Catalyst Capital Advisors LLC increased its holdings in shares of Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Price Performance

The business’s fifty day moving average price is $2.07 and its 200 day moving average price is $2.41. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -0.92 and a beta of 1.81. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 47.36%. The business’s revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.47) earnings per share. On average, equities analysts expect that Plug Power Inc. will post -1.16 EPS for the current year.

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.