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

Plug Power Inc. (NASDAQ:PLUG)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $2.95, but opened at $2.79. Plug Power shares last traded at $2.76, with a volume of 13,444,018 shares trading hands.

Analyst Ratings Changes

A number of brokerages have issued reports on PLUG. Evercore ISI cut their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Craig Hallum cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Wells Fargo & Company decreased their price target 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. Finally, Piper Sandler cut their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Up 7.5 %

The business’s fifty day simple moving average is $2.28 and its 200 day simple moving average is $2.24. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -1.34 and a beta of 1.79. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

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

Institutional Trading of Plug Power

A number of hedge funds have recently modified their holdings of PLUG. Charles Schwab Investment Management Inc. increased its stake in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Plug Power in the 3rd quarter valued at $2,174,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Plug Power by 24.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after buying an additional 476,060 shares in the last quarter. Stifel Financial Corp lifted its holdings in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after acquiring an additional 265,514 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Plug Power by 166.4% in the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock valued at $959,000 after acquiring an additional 265,042 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.