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

Plug Power Inc. (NASDAQ:PLUG) gapped down prior to trading on Tuesday . The stock had previously closed at $2.51, but opened at $2.39. Plug Power shares last traded at $2.51, with a volume of 8,924,777 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PLUG shares. Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Piper Sandler dropped their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Canaccord Genuity Group dropped their price objective 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 dropped their price objective 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. Finally, 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. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $5.01.

Plug Power Trading Down 0.8 %

The firm has a fifty day simple moving average of $2.04 and a two-hundred day simple moving average of $2.43. The firm has a market capitalization of $2.19 billion, a P/E ratio of -1.08 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data 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 company posted ($0.35) earnings per share. Plug Power’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, equities research analysts anticipate 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 institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares in the last quarter. Van ECK Associates Corp raised its position in Plug Power by 23.6% during the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after purchasing an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. raised its position in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. Swedbank AB purchased a new stake in Plug Power during the first quarter valued at about $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Plug Power by 5.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock valued at $10,022,000 after purchasing an additional 150,088 shares in the last quarter. Hedge funds and other 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.