Plug Power (NASDAQ:PLUG) Stock Price Down 8.8% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price was down 8.8% on Tuesday . The stock traded as low as $2.20 and last traded at $2.23. Approximately 34,803,238 shares changed hands during trading, a decline of 56% from the average daily volume of 79,089,438 shares. The stock had previously closed at $2.44.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PLUG shares. Piper Sandler lowered their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Canaccord Genuity Group lowered 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. Susquehanna raised their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.55.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a market capitalization of $2.03 billion, a P/E ratio of -1.04 and a beta of 1.79. The company’s 50 day moving average price is $2.35 and its 200 day moving average price is $2.25.

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). The firm had revenue of $173.70 million during 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 firm’s quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.47) earnings per share. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the business. Profund Advisors LLC acquired a new position in Plug Power in the second quarter valued at approximately $29,000. Prio Wealth Limited Partnership acquired a new position in shares of Plug Power in the 3rd quarter valued at $29,000. Catalyst Capital Advisors LLC boosted its position in shares of Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. First Commonwealth Financial Corp PA acquired a new stake in shares of Plug Power during the third quarter worth $29,000. Finally, Millburn Ridgefield Corp increased its holdings 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 purchasing an additional 5,631 shares during the last quarter. 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.