Plug Power (NASDAQ:PLUG) Trading Down 0.8% – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) fell 0.8% on Thursday . The stock traded as low as $1.87 and last traded at $1.87. Approximately 16,937,376 shares traded hands during trading, a decline of 78% from the average session volume of 77,469,898 shares. The stock had previously closed at $1.88.

Analyst Ratings Changes

A number of research firms have issued reports on PLUG. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Jefferies Financial Group dropped their price objective 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. Craig Hallum decreased their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Wells Fargo & Company cut their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 14th. Finally, Susquehanna boosted their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.46.

Plug Power Stock Performance

The company has a market cap of $1.75 billion, a PE ratio of -0.90 and a beta of 1.79. The company has a 50-day moving average of $2.36 and a 200-day moving average of $2.22. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the company earned ($0.47) EPS. The business’s revenue was down 12.6% compared to the same quarter last year. As a group, analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently modified their holdings of PLUG. Geode Capital Management LLC grew its stake in Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after acquiring an additional 1,354,500 shares during the period. Vontobel Holding Ltd. increased its stake in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. XTX Topco Ltd purchased a new position in Plug Power in the third quarter valued at approximately $2,174,000. Finally, Van ECK Associates Corp increased its position in Plug Power by 23.6% in the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after buying an additional 809,187 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.