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

Plug Power Inc. (NASDAQ:PLUG) shares gapped down before the market opened on Wednesday . The stock had previously closed at $2.95, but opened at $2.79. Plug Power shares last traded at $2.76, with a volume of 13,444,018 shares.

Analyst Ratings Changes

PLUG has been the subject of several research reports. Wells Fargo & Company reduced their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Canaccord Genuity Group cut their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Craig Hallum decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Piper Sandler cut their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Trading Up 7.5 %

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 is $2.28 and its 200 day moving average is $2.24. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of -1.34 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last announced 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 company had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the prior year, the company posted ($0.47) EPS. The firm’s quarterly revenue was down 12.6% on a year-over-year basis. On average, research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Trading of Plug Power

Several institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Plug Power by 25.6% during 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. Van ECK Associates Corp increased its stake in Plug Power by 23.6% in the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after acquiring an additional 809,187 shares during the period. Vontobel Holding Ltd. raised its position in Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after purchasing an additional 1,036,777 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.