Plug Power (NASDAQ:PLUG) Trading Down 4.9%

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 4.9% on Tuesday . The company traded as low as $2.14 and last traded at $2.15. Approximately 12,667,819 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 39,330,500 shares. The stock had previously closed at $2.26.

Wall Street Analysts Forecast Growth

PLUG has been the subject of a number of recent analyst reports. Canaccord Genuity Group lowered their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Wells Fargo & Company reduced their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Truist Financial lowered their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, Craig Hallum reduced their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.19.

Plug Power Stock Performance

The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -0.89 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The firm has a fifty day simple moving average of $2.08 and a two-hundred day simple moving average of $2.61.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same quarter last year, the business earned ($0.35) earnings per share. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, analysts expect that Plug Power Inc. will post -1.15 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in PLUG. Swedbank AB acquired a new position in shares of Plug Power in the first quarter valued at about $10,687,000. SG Americas Securities LLC increased its holdings in Plug Power by 134.0% in the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after buying an additional 1,407,858 shares during the period. Quadrature Capital Ltd purchased a new position in Plug Power during the 4th quarter worth approximately $5,133,000. Pinnacle Associates Ltd. lifted its stake in Plug Power by 41.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after acquiring an additional 1,105,813 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Plug Power by 69.4% during the 2nd 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 acquiring an additional 1,036,777 shares during the period. 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.