Plug Power (NASDAQ:PLUG) Trading Down 8.7% – Here’s Why

Shares of Plug Power, Inc. (NASDAQ:PLUG) dropped 8.7% during trading on Monday . The company traded as low as $3.32 and last traded at $3.45. Approximately 85,906,114 shares changed hands during trading, a decline of 4% from the average daily volume of 89,712,531 shares. The stock had previously closed at $3.78.

Analyst Ratings Changes

PLUG has been the subject of a number of research analyst reports. B. Riley Financial lifted their price objective on shares of Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. TD Cowen lifted their price objective on shares of Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Oppenheimer reissued a “market perform” rating on shares of Plug Power in a report on Tuesday, March 3rd. BTIG Research reissued a “neutral” rating on shares of Plug Power in a report on Tuesday, March 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Plug Power in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and an average price target of $3.37.

Plug Power Stock Down 8.7%

The company has a quick ratio of 1.40, a current ratio of 2.36 and a debt-to-equity ratio of 0.89. The company has a market cap of $4.81 billion, a price-to-earnings ratio of -2.61 and a beta of 2.06. The stock has a fifty day moving average price of $2.74 and a two-hundred day moving average price of $2.39.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The company had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. During the same quarter last year, the firm earned ($0.21) earnings per share. The company’s revenue was up 22.3% on a year-over-year basis. As a group, sell-side analysts expect that Plug Power, Inc. will post -0.26 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Plug Power by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after purchasing an additional 19,967,339 shares in the last quarter. State Street Corp raised its stake in Plug Power by 29.9% in the fourth quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock valued at $63,549,000 after purchasing an additional 7,416,943 shares in the last quarter. Geode Capital Management LLC raised its stake in Plug Power by 12.4% in the fourth quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock valued at $61,611,000 after purchasing an additional 3,456,323 shares in the last quarter. Renaissance Technologies LLC raised its stake in Plug Power by 97.4% in the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock valued at $62,689,000 after purchasing an additional 13,685,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Plug Power by 241.2% in the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after purchasing an additional 12,820,616 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.