Plug Power (NASDAQ:PLUG) Stock Price Down 8.8% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 8.8% on Tuesday . The stock traded as low as $2.20 and last traded at $2.23. Approximately 34,803,238 shares changed hands during trading, a decline of 56% from the average daily volume of 79,089,438 shares. The stock had previously closed at $2.44.

Wall Street Analysts Forecast Growth

PLUG has been the subject of several recent analyst reports. Evercore ISI lowered their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Wells Fargo & Company lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Piper Sandler reduced their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Susquehanna increased their price target on Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have given 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, the company presently has a consensus rating of “Hold” and a consensus price target of $4.55.

Plug Power Stock Down 8.8 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a 50-day moving average of $2.35 and a 200 day moving average of $2.25. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -1.04 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.47) EPS. As a group, sell-side analysts forecast 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 hedge funds and other institutional investors have recently bought and sold shares of the business. Sustainable Insight Capital Management LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $79,000. ACT Wealth Management LLC lifted its holdings in Plug Power by 71.4% during the 4th quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker’s stock valued at $51,000 after purchasing an additional 10,000 shares during the last quarter. Arkadios Wealth Advisors lifted its holdings in Plug Power by 88.0% during the 4th quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker’s stock valued at $132,000 after purchasing an additional 29,062 shares during the last quarter. Kieckhefer Group LLC bought a new position in Plug Power during the fourth quarter worth $138,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Plug Power in the third quarter valued at $206,000. 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.