Plug Power (NASDAQ:PLUG) Shares Gap Down – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.44, but opened at $2.36. Plug Power shares last traded at $2.23, with a volume of 11,475,044 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Jefferies Financial Group dropped their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Evercore ISI reduced their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Craig Hallum lowered their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.55.

Plug Power Trading Down 5.9 %

The business’s 50-day moving average price is $2.35 and its 200-day moving average price is $2.25. The firm has a market capitalization of $2.09 billion, a PE ratio of -1.07 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last announced its earnings results 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 net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the previous year, the company posted ($0.47) earnings per share. Plug Power’s quarterly revenue was down 12.6% on a year-over-year basis. As a group, analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position 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 worth $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Plug Power in the 3rd quarter valued at about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Plug Power by 24.5% in the third 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 purchasing an additional 476,060 shares during the period. Stifel Financial Corp grew its position 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 buying an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in shares of Plug Power by 166.4% during the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after acquiring an additional 265,042 shares in 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.