Plug Power (NASDAQ:PLUG) Trading Down 3.1% on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) fell 3.1% on Friday after Craig Hallum lowered their price target on the stock from $4.00 to $3.00. Craig Hallum currently has a buy rating on the stock. Plug Power traded as low as $1.90 and last traded at $1.91. 16,565,703 shares were traded during trading, a decline of 60% from the average session volume of 41,013,762 shares. The stock had previously closed at $1.97.

Several other equities analysts have also weighed in on PLUG. Royal Bank of Canada cut 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. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research note on Wednesday. Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Finally, Susquehanna cut 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. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.52.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently bought and sold shares of the stock. HBK Sorce Advisory LLC acquired a new stake in Plug Power in the first quarter valued at approximately $37,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power in the 2nd quarter valued at $26,000. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power during the 2nd quarter worth $26,000. Aire Advisors LLC acquired a new position in shares of Plug Power during the second quarter worth $28,000. Finally, Madison Park Capital Advisors LLC purchased a new position in Plug Power in the second quarter valued at approximately $29,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08. The stock has a market capitalization of $1.64 billion, a PE ratio of -0.87 and a beta of 1.81. The stock’s 50-day moving average is $2.08 and its 200 day moving average is $2.40.

Plug Power (NASDAQ:PLUG) last announced its 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the business posted ($0.47) earnings per share. The business’s revenue was down 12.6% on a year-over-year basis. As a group, equities analysts expect that Plug Power Inc. will post -1.16 earnings per share for the current year.

Plug Power Company Profile

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.