Plug Power (NASDAQ:PLUG) Shares Down 6.4% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s share price fell 6.4% during trading on Friday . The stock traded as low as $2.46 and last traded at $2.57. 48,834,594 shares were traded during trading, a decline of 38% from the average session volume of 79,025,305 shares. The stock had previously closed at $2.74.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PLUG shares. Canaccord Genuity Group lowered their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI cut their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Jefferies Financial Group reduced their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company dropped their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.55.

Plug Power Stock Down 10.9 %

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 business’s fifty day moving average price is $2.34 and its two-hundred day moving average price is $2.25. The stock has a market capitalization of $2.22 billion, a PE ratio of -1.14 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the prior year, the company posted ($0.47) earnings per share. The firm’s revenue for the quarter was down 12.6% on a year-over-year basis. On average, equities research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Trading of Plug Power

Several large investors have recently made changes to their positions in the business. ACT Wealth Management LLC raised its holdings in shares of Plug Power by 71.4% during the fourth quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker’s stock worth $51,000 after purchasing an additional 10,000 shares during the last quarter. Arkadios Wealth Advisors raised its stake in shares of Plug Power by 88.0% during the 4th quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker’s stock valued at $132,000 after buying an additional 29,062 shares during the last quarter. Kieckhefer Group LLC acquired a new position in shares of Plug Power in the 4th quarter valued at about $138,000. Sanctuary Advisors LLC purchased a new stake in shares of Plug Power in the third quarter worth about $206,000. Finally, Arete Wealth Advisors LLC grew its holdings in Plug Power by 575.8% during the third quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock worth $332,000 after acquiring an additional 125,347 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Company Profile

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.