Plug Power (NASDAQ:PLUG) Shares Down 8.8% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 8.8% during trading on Tuesday . The company traded as low as $2.20 and last traded at $2.23. Approximately 34,803,238 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 79,089,438 shares. The stock had previously closed at $2.44.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PLUG shares. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Canaccord Genuity Group dropped their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Wells Fargo & Company cut their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. StockNews.com raised Plug Power to a “sell” rating in a research note on Wednesday. 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 report on Thursday, January 16th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.55.

Plug Power Price Performance

The firm has a market cap of $1.90 billion, a PE ratio of -0.98 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a 50-day simple moving average of $2.36 and a 200 day simple moving average of $2.25.

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

Institutional Investors Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of 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 worth $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. XTX Topco Ltd bought a new stake in Plug Power in the 3rd quarter worth about $2,174,000. Finally, Van ECK Associates Corp raised its holdings in shares of Plug Power by 23.6% during the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after purchasing an additional 809,187 shares during the last quarter. 43.48% of the stock is owned by 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.