Plug Power (NASDAQ:PLUG) Hits New 52-Week Low – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $1.57 and last traded at $1.62, with a volume of 9268814 shares traded. The stock had previously closed at $1.62.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Piper Sandler lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Evercore ISI dropped their price objective 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. Wells Fargo & Company decreased their price objective 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. Canaccord Genuity Group dropped their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Finally, Susquehanna raised their price target on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.12.

Plug Power Price Performance

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’s fifty day moving average price is $2.29 and its 200-day moving average price is $2.15.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.47) EPS. Equities analysts expect that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Pacific Sage Partners LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $25,000. Oppenheimer & Co. Inc. bought a new position in Plug Power in the fourth quarter valued at $25,000. Jones Financial Companies Lllp increased its stake in Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after buying an additional 6,074 shares during the last quarter. Callan Family Office LLC bought a new stake in Plug Power during the 4th quarter worth about $27,000. Finally, Prio Wealth Limited Partnership bought a new stake in Plug Power during the 3rd quarter worth about $29,000. Institutional investors and hedge funds 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.