Plug Power (NASDAQ:PLUG) Stock Price Down 6.6% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 6.6% during trading on Wednesday . The stock traded as low as $2.12 and last traded at $2.13. 51,510,641 shares were traded during trading, an increase of 18% from the average session volume of 43,635,922 shares. The stock had previously closed at $2.28.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of research analyst reports. Evercore ISI decreased their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Wells Fargo & Company dropped 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. Piper Sandler decreased their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Finally, Jefferies Financial Group dropped their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $2.21 and its 200-day moving average price is $2.23. The stock has a market cap of $2.12 billion, a P/E ratio of -1.09 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue was down 12.6% on a year-over-year basis. During the same period last year, the business earned ($0.47) EPS. Analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new position in shares of Plug Power during the third quarter valued at approximately $206,000. Arete Wealth Advisors LLC increased its position in Plug Power by 575.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock valued at $332,000 after purchasing an additional 125,347 shares during the period. Geode Capital Management LLC raised its holdings in 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 in the last quarter. Duff & Phelps Investment Management Co. lifted its position in shares of Plug Power by 31.7% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after purchasing an additional 18,110 shares during the period. Finally, Main Management ETF Advisors LLC bought a new stake in shares of Plug Power during the 3rd quarter valued at about $823,000. Hedge funds and other 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.