Plug Power (NASDAQ:PLUG) Trading Down 0.5%

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 0.5% on Wednesday . The stock traded as low as $2.05 and last traded at $2.08. Approximately 6,137,137 shares were traded during trading, a decline of 84% from the average daily volume of 38,825,238 shares. The stock had previously closed at $2.09.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler decreased their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Royal Bank of Canada lowered their target price 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. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Canaccord Genuity Group dropped their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, Susquehanna lowered their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.19.

Plug Power Price Performance

The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -0.87 and a beta of 1.79. The stock has a 50-day moving average price of $2.24 and a 200 day moving average price of $2.73. 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 quarterly 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). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period in the previous year, the firm posted ($0.35) EPS. The company’s revenue was down 44.9% compared to the same quarter last year. As a group, equities research analysts expect that Plug Power Inc. will post -1.15 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in Plug Power in the fourth quarter valued at about $97,800,000. Swedbank AB purchased a new position in shares of Plug Power during the 1st quarter worth approximately $10,687,000. SG Americas Securities LLC increased its stake in Plug Power by 134.0% during the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after purchasing an additional 1,407,858 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Plug Power during the fourth quarter worth about $5,133,000. Finally, Pinnacle Associates Ltd. boosted 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 valued at $12,989,000 after purchasing an additional 1,105,813 shares during the period. 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.