Plug Power (NASDAQ:PLUG) Shares Down 6.2%

Shares of Plug Power Inc. (NASDAQ:PLUG – Get Rating) traded down 6.2% on Wednesday . The company traded as low as $8.25 and last traded at $8.26. 3,874,323 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 19,442,043 shares. The stock had previously closed at $8.81.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Plug Power from $23.00 to $20.00 in a research note on Monday, May 1st. Citigroup reduced their price objective on shares of Plug Power from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Sunday, March 5th. BMO Capital Markets reduced their price objective on shares of Plug Power from $10.00 to $7.50 in a research report on Wednesday, May 10th. UBS Group cut their target price on shares of Plug Power from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, April 21st. Finally, Morgan Stanley cut shares of Plug Power from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $35.00 to $15.00 in a report on Monday, April 3rd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.34.

Plug Power Stock Performance

The company has a market capitalization of $5.03 billion, a PE ratio of -6.30 and a beta of 1.75. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.25 and a current ratio of 4.39. The stock’s fifty day simple moving average is $9.35 and its 200-day simple moving average is $12.91.

Plug Power (NASDAQ:PLUG – Get Rating) last announced its quarterly earnings data on Tuesday, May 9th. The electronics maker reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.08). The company had revenue of $210.29 million for the quarter, compared to analysts’ expectations of $207.67 million. Plug Power had a negative return on equity of 18.72% and a negative net margin of 100.41%. The company’s revenue was up 49.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.27) earnings per share. As a group, equities analysts predict that Plug Power Inc. will post -0.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. CWM LLC lifted its holdings in shares of Plug Power by 7.6% during the 4th quarter. CWM LLC now owns 9,819 shares of the electronics maker’s stock worth $121,000 after acquiring an additional 691 shares during the period. Natixis Advisors L.P. lifted its holdings in shares of Plug Power by 0.9% during the 2nd quarter. Natixis Advisors L.P. now owns 79,424 shares of the electronics maker’s stock worth $1,316,000 after acquiring an additional 723 shares during the period. Millburn Ridgefield Corp lifted its holdings in shares of Plug Power by 47.8% during the 4th quarter. Millburn Ridgefield Corp now owns 2,316 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 749 shares during the period. Catalyst Capital Advisors LLC raised its holdings in Plug Power by 47.8% in the fourth quarter. Catalyst Capital Advisors LLC now owns 2,316 shares of the electronics maker’s stock valued at $29,000 after buying an additional 749 shares during the period. Finally, Flputnam Investment Management Co. raised its holdings in Plug Power by 1.9% in the fourth quarter. Flputnam Investment Management Co. now owns 39,758 shares of the electronics maker’s stock valued at $492,000 after buying an additional 754 shares during the period. 52.07% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Company Profile

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.