Plug Power (NASDAQ:PLUG) Trading Down 0.5%

Plug Power Inc. (NASDAQ:PLUG) shares were down 0.5% during mid-day trading on Wednesday . The company traded as low as $2.10 and last traded at $2.13. Approximately 7,345,448 shares were traded during trading, a decline of 82% from the average daily volume of 39,926,813 shares. The stock had previously closed at $2.14.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Royal Bank of Canada cut their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday. Wells Fargo & Company decreased their price target on shares of 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 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. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Tuesday, May 14th. Finally, Morgan Stanley cut their target price on Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a research note on Friday, May 10th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus price target of $5.19.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. The business has a 50-day simple moving average of $2.56 and a 200 day simple moving average of $3.06. The firm has a market cap of $1.51 billion, a P/E ratio of -0.89 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last announced its 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). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The business had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. During the same quarter in the prior year, the company earned ($0.35) EPS. Plug Power’s revenue was down 44.9% compared to the same quarter last year. On average, analysts anticipate that Plug Power Inc. will post -1.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Plug Power in the fourth quarter worth $97,800,000. Swedbank AB bought a new position in shares of Plug Power in the 1st quarter worth about $10,687,000. SG Americas Securities LLC increased 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 worth $5,728,000 after acquiring an additional 1,407,858 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Plug Power during the fourth quarter worth about $5,133,000. Finally, Pinnacle Associates Ltd. boosted its stake in Plug Power by 41.4% during the first 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 in the last quarter. 43.48% of the stock is owned by 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.