Plug Power (NASDAQ:PLUG) Trading Down 1.8% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 1.8% during mid-day trading on Tuesday . The stock traded as low as $1.88 and last traded at $1.92. Approximately 23,320,422 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 78,104,461 shares. The stock had previously closed at $1.95.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of analyst reports. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research report on Wednesday, January 22nd. HC Wainwright restated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Piper Sandler lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Wells Fargo & Company cut their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Finally, Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.46.

Plug Power Stock Performance

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

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the business earned ($0.47) earnings per share. Plug Power’s revenue was down 12.6% compared to the same quarter last year. On average, sell-side analysts predict that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently added to or reduced their stakes in PLUG. Dimensional Fund Advisors LP boosted its stake in shares of Plug Power by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,109,530 shares of the electronics maker’s stock worth $2,588,000 after acquiring an additional 187,205 shares in the last quarter. Xponance Inc. boosted its stake in shares of Plug Power by 118.4% in the second quarter. Xponance Inc. now owns 40,035 shares of the electronics maker’s stock valued at $93,000 after purchasing an additional 21,707 shares during the period. Marshall Wace LLP raised its stake in shares of Plug Power by 80.0% in the second quarter. Marshall Wace LLP now owns 24,492 shares of the electronics maker’s stock valued at $57,000 after acquiring an additional 10,882 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Plug Power by 144.4% in the second quarter. The Manufacturers Life Insurance Company now owns 382,186 shares of the electronics maker’s stock valued at $890,000 after acquiring an additional 225,834 shares in the last quarter. Finally, Algert Global LLC acquired a new position in shares of Plug Power in the 2nd quarter valued at $152,000. Institutional investors own 43.48% of the company’s stock.

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.