Plug Power (NASDAQ:PLUG) Shares Down 2.6% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 2.6% on Thursday . The stock traded as low as $2.55 and last traded at $2.64. Approximately 52,953,341 shares changed hands during trading, a decline of 33% from the average daily volume of 78,753,039 shares. The stock had previously closed at $2.71.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PLUG shares. Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. 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. Piper Sandler reduced their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group reduced their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Four 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. According to data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $4.55.

Plug Power Trading Down 10.9 %

The firm has a market capitalization of $2.22 billion, a P/E ratio of -1.14 and a beta of 1.79. 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 business has a 50-day moving average price of $2.34 and a 200-day moving average price of $2.25.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data 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). The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.47) earnings per share. Analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Trading of Plug Power

Institutional investors and hedge funds have recently modified their holdings of the company. Nations Financial Group Inc. IA ADV grew its position in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 4,700 shares during the period. Arkadios Wealth Advisors grew its position in Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after acquiring an additional 5,075 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Plug Power by 0.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares during the period. Catalyst Capital Advisors LLC grew its position in Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. Finally, Millburn Ridgefield Corp grew its position in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. 43.48% of the stock is currently owned by institutional investors.

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.