Plug Power (NASDAQ:PLUG) Trading Down 3.1% on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG)’s share price fell 3.1% on Friday after Craig Hallum lowered their price target on the stock from $4.00 to $3.00. Craig Hallum currently has a buy rating on the stock. Plug Power traded as low as $1.90 and last traded at $1.91. 16,565,703 shares traded hands during trading, a decline of 60% from the average session volume of 41,013,762 shares. The stock had previously closed at $1.97.

PLUG has been the topic of a number of other research reports. Wells Fargo & Company lowered their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Royal Bank of Canada cut their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Finally, Truist Financial decreased their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power has a consensus rating of “Hold” and a consensus target price of $4.52.

Institutional Trading of Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pitcairn Co. raised its position in shares of Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 4,169 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after purchasing an additional 4,700 shares during the period. Arkadios Wealth Advisors raised its holdings in Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after purchasing an additional 5,075 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after buying an additional 5,485 shares during the period. Finally, Catalyst Capital Advisors LLC boosted its holdings in shares of Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Performance

The company has a market capitalization of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. The company’s 50 day moving average is $2.08 and its 200-day moving average is $2.40. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.47) earnings per share. Equities analysts anticipate that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

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.