Plug Power (NASDAQ:PLUG) Stock Price Down 8.4% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG)’s share price fell 8.4% during mid-day trading on Tuesday . The company traded as low as $2.51 and last traded at $2.52. 96,486,881 shares changed hands during trading, an increase of 2% from the average session volume of 94,736,484 shares. The stock had previously closed at $2.75.

Analyst Ratings Changes

A number of research firms have issued reports on PLUG. BMO Capital Markets cut their price target on Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a research note on Tuesday, August 12th. Morgan Stanley reissued an “underweight” rating and set a $1.50 price objective on shares of Plug Power in a research report on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research report on Wednesday, October 8th. Hsbc Global Res raised Plug Power to a “strong-buy” rating in a research report on Thursday, October 9th. Finally, HSBC set a $4.40 price objective on Plug Power in a research report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.54.

Plug Power Trading Down 8.4%

The stock has a fifty day moving average of $2.53 and a 200 day moving average of $1.69. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The company has a market capitalization of $2.91 billion, a PE ratio of -1.09 and a beta of 2.23.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). The business had revenue of $173.97 million during the quarter, compared to analysts’ expectations of $157.97 million. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. As a group, sell-side analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp raised its holdings in shares of Plug Power by 53.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 45,534 shares of the electronics maker’s stock worth $108,000 after acquiring an additional 15,769 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Plug Power by 21.9% during the 3rd quarter. Principal Financial Group Inc. now owns 76,318 shares of the electronics maker’s stock valued at $178,000 after buying an additional 13,709 shares during the period. Arizona State Retirement System raised its holdings in Plug Power by 21.1% during the 3rd quarter. Arizona State Retirement System now owns 305,560 shares of the electronics maker’s stock valued at $712,000 after buying an additional 53,333 shares during the period. New York State Common Retirement Fund raised its holdings in Plug Power by 58.4% during the 3rd quarter. New York State Common Retirement Fund now owns 347,673 shares of the electronics maker’s stock valued at $810,000 after buying an additional 128,200 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Plug Power by 25.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 288,471 shares of the electronics maker’s stock valued at $672,000 after buying an additional 58,139 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.