Plug Power (NASDAQ:PLUG) Stock Price Down 2.5%

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 2.5% during mid-day trading on Monday . The company traded as low as $1.91 and last traded at $1.91. Approximately 5,319,831 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 38,819,648 shares. The stock had previously closed at $1.96.

Analyst Ratings Changes

A number of equities analysts have commented on PLUG shares. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Wells Fargo & Company cut their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Truist Financial decreased their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Craig Hallum dropped their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Susquehanna reduced their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.19.

Plug Power Stock Performance

The stock’s 50-day moving average is $2.26 and its 200-day moving average is $2.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.35) earnings per share. On average, equities research analysts expect that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently added to or reduced their stakes in PLUG. Norges Bank bought a new stake in shares of Plug Power during the fourth quarter valued at about $97,800,000. Swedbank AB bought a new position in shares of Plug Power during the 1st quarter valued at $10,687,000. SG Americas Securities LLC lifted its stake in shares of Plug Power by 134.0% in the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after acquiring an additional 1,407,858 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Plug Power during the fourth quarter valued at approximately $5,133,000. Finally, Pinnacle Associates Ltd. grew its holdings in Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after acquiring an additional 1,105,813 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.