Plug Power (NASDAQ:PLUG) Shares Down 3.3% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) traded down 3.3% during mid-day trading on Tuesday . The company traded as low as $2.36 and last traded at $2.37. 12,554,092 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 43,209,789 shares. The stock had previously closed at $2.45.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Piper Sandler reduced their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Canaccord Genuity Group dropped their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Jefferies Financial Group cut 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, Craig Hallum decreased their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company’s 50 day moving average price is $2.16 and its 200-day moving average price is $2.28. The company has a market cap of $2.10 billion, a price-to-earnings ratio of -1.07 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $207.25 million. During the same quarter last year, the firm posted ($0.47) EPS. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. On average, equities research analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently modified their holdings of PLUG. Charles Schwab Investment Management Inc. lifted its position in shares of Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. XTX Topco Ltd acquired a new stake in Plug Power during the 3rd quarter valued at $2,174,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Plug Power by 24.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Plug Power by 166.4% in the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares during the period. Finally, Stifel Financial Corp boosted its position in shares of Plug Power by 23.4% in the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after buying an additional 265,514 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

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.