Plug Power (NASDAQ:PLUG) Shares Down 23.8% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) dropped 23.8% during trading on Wednesday . The stock traded as low as $1.92 and last traded at $1.92. Approximately 59,201,488 shares were traded during mid-day trading, an increase of 48% from the average daily volume of 40,095,020 shares. The stock had previously closed at $2.52.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PLUG shares. Royal Bank of Canada decreased their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Canaccord Genuity Group dropped their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Jefferies Financial Group dropped their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company cut their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.01.

Plug Power Stock Performance

The business has a 50 day moving average of $2.05 and a 200-day moving average of $2.43. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm’s revenue was down 44.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.35) EPS. Analysts expect that Plug Power Inc. will post -1.16 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. SteelPeak Wealth LLC acquired a new position in Plug Power in the second quarter valued at $26,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power during the 2nd quarter valued at about $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter worth about $28,000. Madison Park Capital Advisors LLC acquired a new stake in shares of Plug Power in the second quarter worth approximately $29,000. Finally, Profund Advisors LLC purchased a new stake in Plug Power in the second quarter valued at approximately $29,000. 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.