Plug Power (NASDAQ:PLUG) Shares Down 6.6% After Analyst Downgrade

Shares of Plug Power, Inc. (NASDAQ:PLUG) traded down 6.6% during mid-day trading on Friday after Susquehanna lowered their price target on the stock from $3.75 to $2.50. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $2.20 and last traded at $2.2240. Approximately 36,772,902 shares were traded during trading, a decline of 55% from the average session volume of 82,066,031 shares. The stock had previously closed at $2.38.

A number of other brokerages have also weighed in on PLUG. TD Cowen raised their price target on shares of Plug Power from $2.00 to $3.00 and gave the company a “hold” rating in a report on Tuesday, May 12th. Wall Street Zen upgraded shares of Plug Power from a “sell” rating to a “hold” rating in a research report on Monday, June 29th. BMO Capital Markets raised their target price on shares of Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a report on Tuesday, May 12th. Weiss Ratings lowered shares of Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 25th. Finally, Wells Fargo & Company raised their price target on Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.30.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Plug Power by 116.7% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock valued at $26,000 after acquiring an additional 7,000 shares during the last quarter. Sender Co & Partners Inc. bought a new position in shares of Plug Power in the 2nd quarter worth $26,000. Procyon Advisors LLC bought a new position in shares of Plug Power in the fourth quarter valued at $29,000. DUTCH ASSET Corp acquired a new position in Plug Power during the 4th quarter valued at about $29,000. Finally, Independent Advisor Alliance bought a new stake in Plug Power during the fourth quarter worth $30,000. Institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The stock has a market cap of $3.10 billion, a P/E ratio of -1.69 and a beta of 2.16. The company’s 50 day moving average price is $3.18 and its 200-day moving average price is $2.61.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $163.51 million for the quarter, compared to the consensus estimate of $139.87 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The company’s revenue was up 22.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.21) EPS. Equities analysts forecast that Plug Power, Inc. will post -0.25 EPS for the current fiscal year.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.