Plug Power (NASDAQ:PLUG) Stock Price Down 4.9%

Shares of Plug Power Inc. (NASDAQ:PLUG) dropped 4.9% during trading on Tuesday . The company traded as low as $2.14 and last traded at $2.15. Approximately 12,667,819 shares changed hands during trading, a decline of 68% from the average daily volume of 39,330,500 shares. The stock had previously closed at $2.26.

Analysts Set New Price Targets

PLUG has been the topic of several recent research reports. Craig Hallum decreased their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. B. Riley upgraded Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Royal Bank of Canada reduced their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Piper Sandler decreased their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Finally, Truist Financial cut their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.19.

Plug Power Trading Down 8.0 %

The firm has a market cap of $1.54 billion, a P/E ratio of -0.89 and a beta of 1.79. The stock has a 50 day simple moving average of $2.08 and a 200-day simple moving average of $2.61. 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 return on equity of 47.51% and a negative net margin of 216.80%. The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same quarter in the prior year, the firm posted ($0.35) EPS. The company’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, equities research analysts expect that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Large investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System increased its position in Plug Power by 5.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after acquiring an additional 33,311 shares during the last quarter. Rafferty Asset Management LLC raised its position in Plug Power by 69.5% in the 4th quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock worth $1,618,000 after purchasing an additional 147,435 shares during the period. Gabelli Funds LLC lifted its stake in Plug Power by 42.9% in the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after purchasing an additional 75,000 shares during the last quarter. Diversified Trust Co purchased a new position in shares of Plug Power during the second quarter valued at approximately $35,000. Finally, Vanguard Group Inc. grew its stake in shares of Plug Power by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock valued at $242,943,000 after buying an additional 283,376 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

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.