Plug Power (NASDAQ:PLUG) Trading Down 4.6% Following Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) fell 4.6% on Thursday 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 $1.87 and last traded at $1.88. 19,712,677 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 40,832,223 shares. The stock had previously closed at $1.97.

PLUG has been the topic of a number of other research reports. Royal Bank of Canada lowered their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Piper Sandler lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday. Susquehanna reduced their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Finally, Truist Financial reduced their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus target price of $4.52.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently added to or reduced their stakes in PLUG. Empowered Funds LLC bought a new stake in Plug Power during the 1st quarter worth approximately $48,000. Swiss National Bank grew its holdings in Plug Power by 0.8% during the 1st quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock worth $3,701,000 after acquiring an additional 8,300 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Plug Power by 5.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after acquiring an additional 33,311 shares during the last quarter. HBK Sorce Advisory LLC bought a new stake in Plug Power during the 1st quarter worth approximately $37,000. Finally, Vanguard Group Inc. grew its holdings in Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after acquiring an additional 999,194 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Stock Performance

The stock’s 50 day moving average price is $2.08 and its 200 day moving average price is $2.40. 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 company has a market capitalization of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same period in the prior year, the company posted ($0.47) earnings per share. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, equities analysts expect that Plug Power Inc. will post -1.16 EPS 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.