Plug Power (NASDAQ:PLUG) Stock Price Down 3.7% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s stock price fell 3.7% on Friday . The company traded as low as $2.28 and last traded at $2.31. 9,741,166 shares were traded during mid-day trading, a decline of 77% from the average session volume of 43,258,801 shares. The stock had previously closed at $2.40.

Wall Street Analyst Weigh In

PLUG has been the subject of several recent analyst reports. Evercore ISI decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Jefferies Financial Group decreased their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Piper Sandler dropped their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Craig Hallum decreased their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $4.52.

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 business has a 50 day simple moving average of $2.14 and a 200 day simple moving average of $2.31. The stock has a market cap of $2.19 billion, a PE ratio of -1.08 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results 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 firm 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 company’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. On average, equities research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Plug Power by 25.6% during 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 purchasing an additional 1,354,500 shares during the period. Vontobel Holding Ltd. grew its holdings in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Plug Power in the third quarter worth $2,174,000. 43.48% of the stock is currently owned by institutional investors.

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.