Plug Power (NASDAQ:PLUG) Shares Down 5% – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) dropped 5% during mid-day trading on Wednesday . The stock traded as low as $2.09 and last traded at $2.11. Approximately 13,869,586 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 39,184,418 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PLUG shares. Royal Bank of Canada dropped their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Canaccord Genuity Group reduced their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Susquehanna reduced their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Truist Financial reduced their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, Jefferies Financial Group reduced their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.01.

Plug Power Stock Up 0.9 %

The company has a market cap of $1.89 billion, a P/E ratio of -0.96 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The company’s 50-day moving average is $2.04 and its two-hundred day moving average is $2.47.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. During the same period last year, the business earned ($0.35) EPS. Plug Power’s revenue was down 44.9% on a year-over-year basis. As a group, equities analysts predict that Plug Power Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC bought a new stake in Plug Power in the 2nd quarter worth approximately $26,000. Nations Financial Group Inc. IA ADV bought a new stake in Plug Power in the 2nd quarter worth approximately $26,000. Aire Advisors LLC bought a new stake in Plug Power in the 2nd quarter worth approximately $28,000. Madison Park Capital Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at $29,000. Institutional investors 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.