Plug Power (NASDAQ:PLUG) Trading Down 0.5%

Plug Power Inc. (NASDAQ:PLUG)’s share price fell 0.5% on Wednesday . The company traded as low as $2.05 and last traded at $2.08. 6,137,137 shares were traded during mid-day trading, a decline of 84% from the average session volume of 38,825,238 shares. The stock had previously closed at $2.09.

Wall Street Analyst Weigh In

PLUG has been the subject of several research analyst reports. B. Riley upgraded Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Piper Sandler lowered their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Canaccord Genuity Group decreased their price target on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Wells Fargo & Company dropped their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, Royal Bank of Canada dropped their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power presently has an average rating of “Hold” and an average target price of $5.19.

Plug Power Price Performance

The business’s 50 day moving average price is $2.24 and its 200-day moving average price is $2.73. The company has a market cap of $1.57 billion, a PE ratio of -0.87 and a beta of 1.79. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

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

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently made changes to their positions in PLUG. Norges Bank acquired a new stake in shares of Plug Power during the fourth quarter worth approximately $97,800,000. Swedbank AB bought a new position in Plug Power during the 1st quarter valued at $10,687,000. SG Americas Securities LLC grew its holdings in Plug Power by 134.0% during the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after acquiring an additional 1,407,858 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Plug Power during the 4th quarter worth $5,133,000. Finally, Pinnacle Associates Ltd. increased its position in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after purchasing an additional 1,105,813 shares during the last quarter. 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.