Plug Power (NASDAQ:PLUG) Stock Price Down 2.9% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s share price dropped 2.9% during trading on Monday . The stock traded as low as $2.34 and last traded at $2.38. Approximately 78,059,823 shares were traded during trading, an increase of 12% from the average daily volume of 69,762,536 shares. The stock had previously closed at $2.45.

Analysts Set New Price Targets

PLUG has been the topic of several research analyst reports. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Evercore ISI cut their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler cut their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Canaccord Genuity Group cut their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Finally, Wells Fargo & Company cut their price target 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. Four equities research analysts have rated the stock with a sell rating, eleven 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, Plug Power has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Up 4.0 %

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 company has a market capitalization of $2.38 billion, a PE ratio of -1.17 and a beta of 1.76. The stock has a 50-day moving average of $2.13 and a 200 day moving average of $2.31.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company 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 in the previous year, the business earned ($0.47) earnings per share. Sell-side analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV bought a new stake in Plug Power during the second quarter worth about $26,000. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the second quarter worth about $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power in the second quarter worth about $28,000. Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power in the second quarter worth about $29,000. Finally, Profund Advisors LLC purchased a new position in shares of Plug Power in the second quarter worth about $29,000. Institutional investors own 43.48% of the company’s stock.

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.