Plug Power (NASDAQ:PLUG) Stock Price Down 1.6% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares were down 1.6% during trading on Tuesday . The company traded as low as $2.31 and last traded at $2.39. Approximately 14,333,014 shares changed hands during trading, a decline of 67% from the average daily volume of 43,428,219 shares. The stock had previously closed at $2.43.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PLUG. Wells Fargo & Company cut their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Canaccord Genuity Group cut their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Craig Hallum decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Piper Sandler decreased their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -1.13 and a beta of 1.76. The firm’s fifty day moving average price is $2.18 and its 200 day moving average price is $2.25.

Plug Power (NASDAQ:PLUG) last issued its quarterly 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). The business had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.47) EPS. Analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after buying an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in 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 valued at $15,000,000 after buying an additional 1,354,500 shares during the last quarter. Van ECK Associates Corp raised its stake 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 valued at $8,803,000 after buying an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. boosted its position 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 acquiring an additional 1,051,400 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares during the last quarter. Institutional investors and hedge funds 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.