Plug Power (NASDAQ:PLUG) Trading Down 3.1% Following Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) dropped 3.1% during mid-day trading on Friday 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 $1.90 and last traded at $1.91. Approximately 16,565,703 shares were traded during trading, a decline of 60% from the average daily volume of 41,013,762 shares. The stock had previously closed at $1.97.

Several other brokerages also recently commented on PLUG. Royal Bank of Canada lowered 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. Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday. Jefferies Financial Group reduced their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Wednesday. Four analysts have rated the stock with a sell rating, eleven 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.com, the company currently has an average rating of “Hold” and an average target price of $4.52.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the second quarter valued at $26,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Plug Power during the second quarter valued at about $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power in the second quarter worth about $28,000. Madison Park Capital Advisors LLC bought a new position in shares of Plug Power in the second quarter valued at approximately $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power during the second quarter valued at approximately $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Down 5.1 %

The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. The stock’s fifty day moving average is $2.08 and its two-hundred day moving average is $2.40.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the business posted ($0.47) EPS. The company’s quarterly revenue was down 12.6% on a year-over-year basis. As a group, research analysts anticipate that Plug Power Inc. will post -1.16 earnings per share 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.