Plug Power (NASDAQ:PLUG) Shares Down 3.9%

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded down 3.9% during mid-day trading on Monday . The stock traded as low as $2.46 and last traded at $2.47. 8,420,506 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 40,591,910 shares. The stock had previously closed at $2.57.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Roth Capital upgraded Plug Power from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Redburn Atlantic began coverage on Plug Power in a research note on Tuesday, February 6th. They issued a “neutral” rating and a $4.50 price target on the stock. Truist Financial upped their price target on Plug Power from $3.00 to $4.00 and gave the company a “hold” rating in a research note on Wednesday, February 28th. Roth Mkm raised Plug Power from a “neutral” rating to a “buy” rating and upped their price target for the company from $4.50 to $9.00 in a research note on Wednesday, January 31st. Finally, Piper Sandler upped their price target on Plug Power from $2.80 to $2.90 and gave the company an “underweight” rating in a research note on Tuesday, March 5th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.05.

Plug Power Stock Down 2.7 %

The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18. The firm has a fifty day moving average price of $3.42 and a 200 day moving average price of $4.26.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.52). The firm had revenue of $222.20 million for the quarter, compared to analyst estimates of $234.21 million. Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.38) earnings per share. As a group, research analysts forecast that Plug Power Inc. will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the company. Millburn Ridgefield Corp acquired a new position in Plug Power during the third quarter worth $29,000. Exchange Traded Concepts LLC increased its position in Plug Power by 30.3% during the third quarter. Exchange Traded Concepts LLC now owns 6,486 shares of the electronics maker’s stock worth $49,000 after buying an additional 1,510 shares in the last quarter. FAS Wealth Partners Inc. purchased a new position in Plug Power during the fourth quarter worth $45,000. Independent Advisor Alliance purchased a new position in Plug Power during the fourth quarter worth $45,000. Finally, Mosley Wealth Management purchased a new position in Plug Power during the first quarter worth $35,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.